Uzbekistan GTL fails attracted external loans in 2014
15/12/2014 12:20
Uzbekistan GTL fails attracted external loans in 2014
15/12/2014 12:20
Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan GTL could not attract external loans to finance construction of the plant on production of synthetic fuel (gas to liquid (GTL) process), RIA Novosti reported quoting source in the Government of Uzbekistan.
The source said that the project implementation is linked with prices to oil and current situation in the market , attracting external loans is delayed.
He noted that the process of forming international banking consortium, which was planned to complete in the fourth quarter, will be continued in 2015. Earlier, it was reported that construction of technological part of the plant will be start in the end of 2014 if the consortium created.
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 adopted decision to decrease its share in the project up to 25.5%. Other part can be distributed among current project participants or new players. Currently, the venture is searching for new participants.
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 construction of the plant will be completed in August 2017.
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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