Uzbek Fund for Reconstruction and Development allocates $ 75.2 million for development of gas condensate fields
Uzbekistan, Tashkent, 13 Feb. / Trend, D. Azizov /
The Fund for Reconstruction and Development of Uzbekistan (FRDU) granted Uzbekneftegaz National Holding Company (NHC) a loan for $ 75.2 million for the accelerated development of gas condensate fields in the border area with Turkmenistan, a representative of the NHC told Trend on Wednesday.
The project provides for the accelerated development of the Samantepa, Girsan, Chulkuvar, Kumla and Taylyak fields which opened in the early 90's. The presence of any reserve deposits has not been disclosed.
Funds from FRDU loans will be used to build infrastructure at the fields.
As previously reported, the accelerated development of the deposits, until 2014 instead of the previously scheduled 2016, was stipulated by presidential decree.
The total project cost is $ 232.9 million. Along with the FRDU loan, building will be financed through the holdings own funds totaling $ 124.4 million and credit from Uzbek banks.
Uzbekneftegaz launched the project in 2012. Its completion is scheduled for late 2013 - early 2014.
It is expected that the commissioning of these fields will ensure the production of 6.83 billion cubic meters of gas and 160,200 tons of gas condensate per year.
The Fund for Reconstruction and Development of Uzbekistan was established in 2006 for financing and co-financing of projects under the state investment program.
In 2013, the FRDU will allocate $ 809.45 million for the implementation of 34 projects included in the public investment program for this year. The largest volume of loans of the fund, $ 767.45 million, will be directed towards projects in the energy, chemical, petrochemical and metallurgical industries.