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Uzbekistan failed to borrow money to fund construction of gas chemical complex

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Uzbekistan failed to borrow money to build GTL plant on the basis of the Shurtan gas chemical complex. It is planned to launch the plant within the framework of Uzbekistan GTL JV.

            The investments into the plant are estimated at $5.6 billion. The main part of the funds was planned to be borrowed from the consortium of foreign banks on conditions of the project funding.

            It is planned to receive foreign loans during 2014 and creation of the bank consortium had to be completed in quarter 4, 2014. The work in this area will be continued in 2015.

            Uzbekistan GTL JV was founded in November 2009 by Uzbekneftegas (44.5%), South African Sasol company (44.5%) and Malaysian Petronas (11%).

            The project envisages processing of 3.5 billion cub.m. of gas with further production of 864,000 tons of diesel fuel, 304,000 tons of aviation kerosene and 395,000 tons of naphtha.

            EPC contract for construction of the technological part of the plant was concluded with South Korean Hyundai Engineering & Construction company. Construction was planned to be completed in August 2017, reported RIA Novosti.

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