Tashkent, Uzbekistan, June 9
By Demir Azizov- Trend:
The implementation of the project on the construction of a network of 60 automobile gas filling compressor stations has been delayed indefinitely in Uzbekistan, a source in the "Uzbekneftegaz" National Holding Company told Trend.
A consortium of five Korean companies, which is a co-founder of the "Kor UNG Investments" joint venture - the operator of the construction project of the automobile gas filling compressor stations network in Uzbekistan may withdraw from the project, the source said.
In May 2011, "Uzbekneftegaz" and Korean Kogas, Kolon, Kwangshin and EngineTech signed the incorporation documents on the establishment of the "Kor UNG Investments" joint venture.
Uzbekneftegaz`s subsidiary "Avtogaztaminot" ("Avtogazsnab") company acted as the founder of the joint venture established on a parity basis.
Between 2011-2015 the joint venture was to construct a network of 50 gas filling stations in Uzbekistan worth $42.8 million. The funding of the project was planned to be implemented at the expense of the founders of the joint venture.
In 2012, the Korean side has supplied equipment for four compressor gas filling stations. Since then, the cost of the project and its parameters has been revised several times. Currently, the number of planned construction of the compressor gas filling stations increased by 60, and the cost of the project rose to $105 million.
The source said that the Korean side considers overvalued the cost of the project and refuses to supply equipment for the construction of the compressor gas filling stations. The joint venture has also failed to agree on attracting additional investment of up to $ 50 million for the project, the source said.
Since 2012, the Korean consortium has stopped supplying equipment for the project. The construction of the first four stations has not been completed yet. The commissioning of these stations can be held in September 2014, according to the preliminary data.
The Korean partners promised to make a decision on the further participation in the project before the end of June, the source said.
"At the moment, the work is underway on the development of consortium from Uzbek banks to finance the project, it takes some time, therefore the final terms of the project are delayed," the source said.
In 2013, JV "Kor UNG Cylinder", established by "Uzbekneftegaz" and Korean Kogas, Kolon and NK, introduced plant producing gas equipment design capacity of 120,000 units per year and $ 26 million.
In 2013, "Kor UNG Cylinder" JV created by "Uzbekneftegaz" and Korean Kogas, Kolon and NK, introduced plant producing gas equipment design capacity of 120,000 units per year and $ 26 million.
In 2013, the "Kor UNG Cylinder" JV established by the "Uzbekneftegaz" and Korean Kogas, NK opened a plant for the production of the gas equipment with the project capacity of 120,000 units per year at the cost of $26 million.
The construction of the plant and the network CNG fueling stations is provided by the phased program from the road transport in Uzbekistan to natural gas.
Over recent years the number of cars in Uzbekistan, refitted to run on natural gas, increased from 218, 300 to 700,000 units.
Edited by CN
