Sasol Limited to cut its share in Uzbekistan GTL project
15/06/2013 17:23
Sasol Limited to cut its share in Uzbekistan GTL project
15/06/2013 17:23
Tashkent, Uzbekistan (UzDaily.com) -- South Africa’s Sasol Limited is planning to decrease its share in a joint venture Uzbekistan GTL, which works over a project on construction of a plant on production of synthetic fuel (GTL) in Uzbekistan.
Christine Ramon, Sasol Chief Financial Officer, said that the company plans to decrease its share in the project from 44.5% to 25.5% at the end of the FEED phase.
She said: “Our Uzbekistan GTL FEED activities are progressing well and are expected to be completed during the second half of the 2013 calendar year. An investment decision for this project is, amongst others, dependent on appropriate project financing”.
“As a result of the magnitude of Sasol´s growth portfolio, as well as significant sustenance capital required for our South African operations, Sasol regularly reviews the projects in its project pipeline. As a result of these reviews, the Sasol Limited Board, approved that Sasol decreases its shareholding in the Uzbekistan GTL project from 44.5% to 25.5% at the end of the FEED phase,” Christine Ramon stated.
Currently, Uzbekistan GTL project is at the stage of development of the basic project (FEED-2).
She said that currently different shareholding options are currently being evaluated.
“The Uzbekistan GTL project remains an important project in Sasol´s GTL growth portfolio and the business case for the project remains robust,” she added.
Uzbekneftegaz national holding company, Petronas and Sasol Synfuels International (PTY) Limited signed charter and constituent agreement of joint venture Uzbekistan GTL in November 2009. The project will be implemented on the base of Shortan Gas Chemical Complex in Kashkadarya region.
Currently, Sasol and Uzbekneftegaz own 44.5% each in the project and Petronas – 11%.
It is expected that the plant will process 3.5 billion cubic meters of gas and produce 863,000 tonnes of diesel fuel, 304, tonnes of jet kerosene, 395,000 tonnes of naphtha and 11,200 tonnes of liquefied a gas.
The project will be implemented within five years. The project cost is US$4.1 billion. It will be financed due to own funds of joint venture, loans of consortium of banks and financial institutes.
The GTL project will reduce Uzbekistan’s dependence on the importation of crude oil and transportation fuels and will diversify the utilisation of its domestic gas resources. The GTL project will also improve the quality of the fuel pool, reducing emissions, thereby securing the associated environmental benefits. Uzbekneftegaz will supply the feedstock, from the already developed Shurtan group of gas fields and will off-take the majority of the production, under long term arrangements.
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