Uzbeknefteqaz signs agreement with several major European banks

Oil&Gas Materials 30 September 2021 14:20 (UTC +04:00)
Uzbeknefteqaz signs agreement with several major European banks

BAKU, Azerbaijan, Sept. 30

By Fakhri Vakilov – Trend:

Uzbekneftegaz JSC signed significant financial cooperation agreements with three of Europe’s leading banks, Trend reports citing Uzbeknefteqaz.

The signing of the documents took place at Uzbekistan Economic Forum 2021 currently being held in Tashkent.

The cooperation agreements, within the Shurtan Gas Chemical Complex (GCC) Upgrade Project, relate to 1.1 billion euros ($1.2 billion) of capital to finance the expansion of the Shurtan GCC’s production capacity.

The agreements were signed with Deutsche Bank - for 500 million euros; Landesbank Baden-Wuerttemberg – for 300 million euros; and Landesbank Hessen-Thüringen Girozentrale (Helaba) – also for 300 million euros.

The total cost of the project is $1.8 billion, of which $1.2 billion will be contributed by a consortium of foreign banks and financial institutions, and $600 million from Uzbekneftegaz.

The funds will be raised under the insurance coverage of Euler Hermes (Germany), SACE (Italy), Atradius (Netherlands) and other European export credit agencies.

The expansion in production capacity at Shurtan GCC will annually contribute 280,000 additional tons of bimodal polyethylene, 100,000 tons of polypropylene and 50,000 tons of pyrolysis distillate. The raw material base for the projected expansion facilities at Shurtan is synthetic naphtha, which will be produced from Uzbekistan GTL Plant.


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