South Korean Eximbank to join banking consortium of GTL-plant project in Uzbekistan
12/08/2014 14:52
South Korean Eximbank to join banking consortium of GTL-plant project in Uzbekistan
12/08/2014 14:52
Tashkent, Uzbekistan (UzDaily.com) -- Eximbank of South Korea can join an international banking consortium to finance the construction of plant for the production of synthetic fuel in Kashkadarya region, Uzbekistan, (GTL-plant) by end of the year, a source in government circles of Uzbekistan told RIA Novosti.
A preliminary agreement on joining of the South Korean bank to the consortium was reached during a visit of South Korean President Park Geun Hye to Uzbekistan in June 2014, the source said.
It is planned that formation of the consortium will be completed in the fourth quarter of 2014. 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%.
In summer 2013, Sasol decided to cut its share in the project up to 25.5% to the beginning of the plant construction. Other part of stakes can be distributed among other stakeholders or new participant of the venture.
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.
It is planned to complete construction of the plant by August 2017. Currently, the Uzbek side is constructing infrastructure of main objects.
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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