Tashkent, Uzbekistan, April 3
By Demir Azizov- Trend:
Uzbek Joint Stock Commercial Mortgage Bank allocated a $ 22 million loan to the State Joint Stock Company "Uzbekenergo" for the construction of the energy facilities for Ustyurt Gas Chemical Complex in the north-western Uzbekistan, the bank representative told Trend April 3.
The credit will be directed to the purchase of necessary equipment, according to the bank representative. However, the source did not disclose the terms on which the loan was allocated.
"Uzbekenergo" started construction of the external power supply facilities of Ustyurt GCC at the Surgil field (Ustyurt region) in late 2012.
The project worth $44.6 million envisages the construction of a substation with capacity of 220 kVA with two transmission lines before the end of 2014 : with voltage of 220 kV and a length of 138 kilometers, and a voltage of 110 kV and a length of 18 kilometers.
Along with the Ipoteka-bank credit, the project is funded at the expense of Uzbekenergo`s own funds.
In 2008, National Holding Company Uzbekneftegaz and South Korean consortium created a joint venture UzKorGasChemical for construction of the Ustyurt Gas-Chemical Complex worth $4.2 billion.
Some 50 percent of the authorized capital of the joint venture owned by Uzbekneftegaz and the remaining 50 percent - Korean consortium.
The construction of the JV Uz-Kor GasChemical was stared in 2011.
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 loans from a consortium of foreign financial institutions in the amount of $ 2.5 billion, own funds of UzKorGas Chemical venture founders -$ 1,6 billion, and credit of Fund for Reconstruction and Development of Uzbekistan in the amount of $ 100 million.
The completion of construction is scheduled for early 2016.
In April 2012, in accordance with the decree of the president of Uzbekistan the list of facilities of external infrastructure including water and power supply, telecommunication networks, railways and roads, technical water conduits and an artificial pond for Ustyurt GCC was approved.
Mortgage Bank was established in April, 2005 by the merger of Uzjilsberbank (public share housing savings banks in Uzbekistan) and Zamin mortgage bank and ranks among the 10 largest banks in the country. The main focus of its activity is preferential long term loans for individual housing construction and financing of enterprises producing construction materials.
At present, the authorised capital of the bank amounts to 138.3 billion soums. The largest shareholder is the Uzbekistan Ministry of Finance of (27.8 percent).
Official exchange rate on April 3 is 2262.93 soums / $ 1.
Translated by S.I.
Edited by C.N.
