VEB.RF to finance exports for the development of one of the largest gas fields in Uzbekistan
06/04/2021 13:05
VEB.RF to finance exports for the development of one of the largest gas fields in Uzbekistan
06/04/2021 13:05
Tashkent, Uzbekistan (UzDaily.com) -- VEB.RF, Gazprombank and Surhan Investments Limited signed indicative financing conditions for the implementation of a project for the exploration and development of a gas field in Uzbekistan - "Mustakillikning 25 Yilligi" (М25, "25 years of independence").
The document was signed by Deputy Chairman of VEB.RF - Board Member Daniil Algulian, Deputy Chairman of the Board of Gazprombank Alexey Belous, and General Director of Surhan Gas Chemical Operating Company Andrey Ignatov. The signing ceremony took place in the presence of Igor Shuvalov, Chairman of VEB.RF.
The project includes the construction of a gas processing plant and infrastructure facilities in the Surkhandarya region of the Republic of Uzbekistan with the production, transportation and sale of natural gas. The total cost of the project is estimated at US$2 billion. Credit funds of Russian financial institutions are determined in the amount of US$900 million.
“Today, with the participation of VEB.RF in the oil and gas sector of the Republic of Uzbekistan, projects are being discussed that provide for the export supplies of Russian high-tech products and services worth more than US$1 billion. The M 25 project is one of the key projects currently being implemented in the Republic of Uzbekistan and is of strategic importance for the development of industries and the region. The participation of the Russian development institute in this project is estimated at up to $ 400 million, the loan funds will be used, among other things, to finance the supply of Russian high-tech products and services,” said Daniil Algulyan.
The gas reserves estimate at the M25 field, which is the largest undeveloped gas field in Uzbekistan, is more than 150 billion cubic meters, according to an independent auditor's report. m of raw gas (proven + probable reserves). Marketable gas will be produced by a gas processing plant with a capacity of 5 billion cubic meters. meters of gas per year. The design and construction of the gas processing plant is carried out on the basis of licensed technologies for gas purification and sulfur production by Shell.
The M25 project is being implemented by a consortium of international investors under a production sharing agreement concluded with the Republic of Uzbekistan in April 2017. The project shareholders are ALTMAX HOLDING LTD, Uzbekneftegaz JSC and Gas Project Development Central Asia AG. The operator under the Production Sharing Agreement is Surhan Gas Chemical Operating Company LLC.
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