Government of Uzbekistan approves final financing structure of GTL project
31/10/2018 19:05
Government of Uzbekistan approves final financing structure of GTL project
31/10/2018 19:05
Tashkent, Uzbekistan (UzDaily.com) -- A meeting of creditors on the GTL project in the oil and gas sector of Uzbekistan was held in Tashkent on 29-30 October 2018, Uzbekneftegaz said in a statement.
A delegation of creditors arrived in Tashkent to participate in the meeting, which included representatives of the Export-Import Bank of Korea, the Korean Trade and Insurance Corporation, Gazprombank JSC, Roseximbank JSC and the Russian Agency for Export Credit and Investment Insurance.
Within the framework of the project “Production of synthetic liquid fuel based on purified methane of the Shurtan Gas Chemical Complex” (UzGTL), a plant will be built in Kashkadarya region of Uzbekistan, which meets the most modern standards. Such high-tech industries based on GTL or gas-to-liquid technology are in the world only in South Africa, Malaysia and Qatar.
The plant will annually produce more than 1.5 million tonnes of high-quality synthetic liquid fuel, which meets the EURO 5 standard.
The meeting was opened by the First Deputy Chairman of the Board of JSC "Uzbekneftegaz" Ulugbek Sayidov.
“First of all, I would like to express my sincere thanks to our distinguished creditors for their interest in financing this project, as well as to all our consultants for your work. As you know, the GTL project is a strategic project for Uzbekistan. Its implementation will be another step in the course of economic cooperation between our countries”, he said.
“Today, Uzbekistan sets new targets for economic development and against this background, the demand for fuel and energy resources, especially the demand for GTL products, is rapidly increasing. This factor, as well as the trend of growth in world oil prices, makes the GTL project even more attractive,” Sayidov said.
He expressed gratitude to the Korean partners for their professional approach to coordinating and resolving various issues, noted the contribution of partners from Russia, who, understanding the importance of timely implementation of the project, expressed readiness for its priority financing, and also thanked partners from the Chinese side who first joined to finance this project.
“We are pleased to inform you that the government of the republic approved the final financing structure of the GTL project, and set the task to complete the coordination of all financing issues and start attracting loans by the end of November 2018. I hope that this meeting will allow the participants to accomplish this task,” the First Deputy Chairman of the Board of Uzbekneftegaz said.
During the meeting, open questions were discussed on the draft Agreement on the general terms of financing the project between Uzbekistan GTL LLC and representatives of creditors, as well as project consultants.
Also at the meeting on 1 November, members of the delegation of creditors are scheduled to visit facilities at the UzGTL construction site in Kashkadarya region and get acquainted with the construction of the future plant.
Implementation of the investment project “Production of synthetic liquid fuels based on purified methane from the Shurtan Gas Chemical Plant” (UzGTL) is carried out in accordance with the decree of the President of the Republic of Uzbekistan No. PP-2706 from 29 December 2016.
The project will expand the capacity for deep processing of natural gas, reduce imports of hydrocarbons, cover domestic demand for high-quality and environmentally friendly fuels, and also provide the market with strategic products from its own raw materials.
New high-tech production will enable the oil and gas industry of Uzbekistan to move to a new level of deep processing of hydrocarbons.
According to calculations, the project implementation will provide an opportunity to ensure the annual import substitution of petroleum products in the amount of up to 1.5 million tonnes.
The raw material base for the projected plant for the production of synthetic liquid fuels is purified gas - methane of the Shurtan Gas and Chemical Complex, its volume per year will be 3.6 billion cubic meters.
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