Tashkent hosted October 29-31 a meeting of loan providers for the GTL project in the oil and gas sector of Uzbekistan.
A delegation of loan providers arrived in Tashkent to participate in the meeting, which included representatives of the Export-Import Bank of Korea, Korea Trade Insurance Corporation, Gazprombank JSC, ROSEXIMBANK JSC and the Russian Agency for Export Credit and Investment Insurance.
Within the framework of the project “Production of synthetic liquid fuel based on purified methane from the Shurtan Gas Chemical Complex” (UzGTL), a plant will be built in Kashkadarya region of Uzbekistan meeting the most modern standards. Such high-tech industries based on GTL or gas-to-liquid technology are only in South Africa, Malaysia and Qatar.
The plant will annually produce more than 1.5 million tons of high-quality synthetic liquid fuel meeting Euro V standard.
Ulughbek Sayidov, First Deputy Chairman of JSC Uzbekneftegaz Board opened the meeting with a welcoming speech.
“First of all, I would like to express my sincere thanks to our distinguished loan providers for their interest in financing this project, as well as to all our consultants for the work.
You know, the GTL project is a strategic project for Uzbekistan. Its implementation will be another step in the course of economic cooperation between our countries.
Today, Uzbekistan sets new targets for economic development and against this background the demand for fuel and energy resources, especially the demand for GTL products, is rapidly increasing.
This factor, as well as the trend of growth in world oil prices, makes the GTL project even more attractive,” Ulughbek Sayidov emphasized.
He expressed gratitude to the Korean partners for their professional approach to coordinating and resolving various issues, noted the contribution of partners from Russia, who, understanding the importance of timely implementation of the project, expressed readiness for its priority financing, and thanked partners from the Chinese side who first joined to finance this project.
“We are pleased to inform you that the government of the republic approved the final financing structure of the GTL project, and set the task to complete the coordination of all financing issues and start attracting loans by the end of November this year. I believe this meeting will allow the participants to accomplish this task,” First Deputy Chairman of JSC Uzbekneftegaz Board said in his welcoming speech.
The meeting participants discussed the issues on the draft Agreement on general terms of financing the project between Uzbekistan GTL LLC and representatives of loan providers, as well as project consultants.
Also as a part of the meeting, the delegation members made plan to visit November 1 the facilities at the UzGTL construction site in Kashkadarya region and familiarize with the construction of the future plant.
Worth to note, the implementation of the investment project “Production of synthetic liquid fuel based on purified methane from the Shurtan Gas Chemical Complex” (UzGTL) is carried out in accordance with the Decree of the President of the Republic of Uzbekistan No. 2706 of December 29, 2016.
The project will expand the capacity for deep processing of natural gas, reduce imports of hydrocarbons, meet domestic demand for high-quality and environmentally friendly fuel, and also provide the market with strategic products from local raw materials.
New high-tech production will enable the oil and gas industry of Uzbekistan to move to a new level of deep processing of hydrocarbons.
According to calculations, the project implementation will provide an opportunity to ensure the annual import substitution of petroleum products in the amount of up to 1.5 million tons.
The raw material base for the projected plant for the production of synthetic liquid fuel is purified gas - methane from the Shurtan Gas Chemical Complex, the volume of which per year will be 3.6 billion cubic meters.
Uzbekneftegaz JSC press office