LUKOIL can attract South Korean finances to Kandym project
04/08/2015 11:26
LUKOIL can attract South Korean finances to Kandym project
04/08/2015 11:26
Tashkent, Uzbekistan (UzDaily.com) -- LUKOIL is ready to attract the South Korean banks to financing of a project on developing Kandym group of fields in Uzbekistan, the Russian oil company’s president, Vagit Alekperov said, the corporate newspaper of Lukoil Overseas – Neftyaniye Vedomosti said.
He said that the Asian Development Bank finances the Uzbek projects of the bank. “We are now holding active negotiations with South Korean banks, because Hyundai won a tender to build a plant at the Kandym field in Uzbekistan. Korean banks are not only prepared to open credit lines for us, but also provide project financing for this field,” Alekperov said.
In February 2015, LUKOIL and a consortium headed by Hyundai Engineering (South Korea) signed a contract for procurement and construction of the Kandym Gas Processing Plant in Uzbekistan with the cost of US$2.66 billion. The first phase o the project will be launched in 2018.
The facility will have an annual capacity of 8.1 billion cubic meters of gas and will process sour natural gas from the Kandym group of fields located in the Bukhara Region of Uzbekistan to produce treated natural gas and stable gas condensate, as well as solid and granulated sulfur.
LUKOIL has been implementing the Kandym project in partnership with the National Holding Company Uzbekneftegaz since 2004 as part of the Kandym-Khauzak-Shady-Kungrad PSA. The Kandym group consists of 6 gas condensate fields – Kandym, Kuvachi-Alat, Akkum, Parsankul, Khoji and West Khoji.
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