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Sasol to review its participation in Uzbekistan GTL project
Tashkent, Uzbekistan (UzDaily.com) --
South African energy and chemicals group Sasol is considering dropping its participation in a gas-to-liquids plant in Uzbekistan due to low oil prices, the company said in a statement on 7 March 2016.
“In light of the current economic environment, in February 2016, we decided to review our long-term strategic interest in the Uzbekistan GTL investment,” the company’s statement reads.
“The review is expected to be completed in the second half of the 2016 financial year,” Sasol underlined.
Uzbekneftegaz, Petronas and Sasol Synfuels International (PTY) Limited signed charter and constituent agreement of joint venture Uzbekistan GTL in November 2009. Currently Sasol and Uzbekneftegaz hold 44.5% stake in the project, while Petronas – 11%.
The plant will process 3.5 billion cubic meters of gas and produce 863,000 tonnes of diesel fuel, 304,000 tonnes of aviation kerosene, 395,000 tonnes of naphtha and 11,200 tonnes of liquefied gas. Hyundai Engineering & Construction (South Korea) will construct the technological part of the plant.
The project with the cost of US$5.6 billion will be financed due to own resources of the venture’s founders, consortium of banks and financial institutions, which issue loans on project financing terms.
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