Project financing of gas chemical complex in Uzbekistan named as international deal of year

Uzbekistan, Tashkent, Jan.4 / Trend, D.Azizov /

A project of "Construction of Ustyurt gas chemical complex at the base of Surgil complex was named as the "International deal of the year in oil and gas chemistry", Uzbekneftegaz National Holding Company said.

Thomson Reuters, a global leader in business analytics, publishes Project Finance International (PFI), analyzing global project financing market.

The publisher noted that Ustyurt project is the first international project financing deal in oil and gas chemical complex of Uzbekistan. It noted that the deal is major project financing in Central Asia and major in gas chemistry projects in the CIS.

As it was reported, the project of construction of Ustyurt gas chemical complex was developed based on cooperation between Uzbekistan and South Korea, and received direct support of the governments of both countries.

As previously reported, in 2008 Uzbekneftegaz National Holding Company (NHC) and Korean consortium formed JV Uz-KorGasChemical for the construction of Ustyurt GCC worth $ 3.9 billion.

In the charter capital of joint venture 50 percent is owned by Uzbekneftegaz and 50 percent - Korean consortium consisting of Korea Gas Corporation KOGAS, Honam Petrochemical and STX Energy.

In accordance with the feasibility study, GCC will annually process 4.5 billion cubic meters of natural gas and produce up to four billion cubic meters of marketable gas, 400,000 tons of polyethylene, 100,000 tons of polypropylene, and about 100,000 tons of pyrolysis gasoline.

The project is financed at the expense of "Uz-KorGasChemical" funds in the total amount of $1.4 billion and loan resources for a total of $2.54 billion, attracted on the project financing principles.

Debt financing includes direct loans from Eximbank of Korea, China's State Development Bank, Asian Development Bank, the Fund for Reconstruction and Development of Uzbekistan and the National Bank for Foreign Economic Activity of Uzbekistan totaling $1.175 billion.

In addition, nine commercial banks of Europe and Asia will provide $1.365 billion under the cover of Korean and European export credit agencies (ECA).
Lenders under the cover of the ECA are the Korea Finance Corporation, Korea Development Bank, ING Bank, Bayern LB, Credit Suisse, KfW, Nordea, SEK, and Siemens Bank.

Insurance coverage in the amount of $800 million is provided by the Korea Trade Insurance Corporation, $140 million - by the Swedish EKN and $124 million - the German Hermes.

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