Uzbekistan to attract US$3bn to GTL-plant

Shavkat Majitov said that serious work is underway and feasibility of the project will be completed soon. In June, the sides will issue information memorandum of the project and it will be disseminated among financial institutions to attract financial resources.

Uzbekneftegaz chief said that the agreement with banking consortium can be signed by the end of 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 cost is US$4 billion.

Currently, Sasol and Uzbekneftegaz hold 45% each in the project, and Petronas owns 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. Technip of France develops the feasibility study. The project will be implemented within five years.

The project 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.