Thursday 21 May 2015

$3 million to boost Kyrgyztan’s oil sector

$3 million to boost Kyrgyztan’s oil sector

Kyrgyzstan is receiving $3 million (£1.8m) to increase the number of fuel stations in the country.

Standard Oil, a private company which distributes oil under the brand name 'Petroleum', will also use the money to invest in more efficient trucks.

The Kyrgyzstan Investment and Credit Bank (KICB) and the European Bank for Reconstruction and Development (EBRD) is providing the loan.

Aida Sitdikova, EBRD Director for Energy and Natural Resources Russia and Central Asia said: “The Bank's support to small and medium-sized businesses in the Kyrgyz Republic is well demonstrated by this engagement with Standard Oil, a dynamic and growing fuel-retail operator.”

This is the 10th investment made by the EBRD and KICB together since 2012.

Written by

Bruna Pinhoni

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