Russian Energonews agency reported quoting source in Uzbek government that US$500 million is preliminary figure and the talks are in initial stage. But the sides reached agreement on financing.

The source told that the ADB is planning to join the consortium of the project’s creditors in 2013.

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%.

Technip (France) will complete development of the feasibility study of the project in the beginning of 2013. 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.