Baku, Azerbaijan, Nov. 29
By Nigar Guliyeva - Trend:
Russian entrepreneur and infrastructure investor Andrey Filatov has joined a consortium of investors for the development of the natural gas field “25 Years of Independence” under a Production Sharing Agreement (PSA) in Uzbekistan.
The project involves additional exploration and development of the gas field, as well as construction of a gas chemical complex in the Surkhandarya region in the south of Uzbekistan. In accordance with the agreement, development of the deposit will be financed with direct investments and loans from international financial institutions.
The consortium of investors includes Gas Project Development Central Asia AG, Altmax Holding Ltd and Uzneftegazdobycha (a member of Uzbekneftegaz). The Surhan Gas Chemical Operating Company, established by members of the investment consortium to operate oil and gas PSA projects, manages the field development. Leading gas field service companies, such as Halliburton, Baker Hughes, Schlumberger and National Oilwell Varco have been contacted for execution.
Filatov will participate in the consortium through Brighttree Holding Ltd, a special-purpose vehicle that has taken a 50 percent stake in Altmax Holding Ltd. Therefore, the share of the new investor in the gas field development project will be 37.5 percent.
CEO of the Surhan Gas Chemical Operating Company Andrey Ignatov said that the development of the gas field 25 Years of Independence is of great importance for Uzbekistan, both from a social and economic point of view.
"We are pleased that the circle of investors in one of the most promising deposits of the country is expanding, said Mr. Ignatov. I am confident that participation of Andrey Filatov with his understanding of the specifics of implementation of large infrastructure projects and his colossal experience in attracting investments will be extremely useful for the development of our project,” he said.
The development of the gas field, one of the biggest in Uzbekistan, is stipulated in the production sharing agreement for the investment block “Independence of Uzbekistan” (O’zbekiston Mustaqillik), signed on April 5, 2017, during the state visit of the President of the Republic of Uzbekistan Shavkat Mirziyoyev to Russia.
The PSA project to develop the 25 Years of Independence gas field is planned to be implemented in two stages. The initial stage to be implemented in 2017-2018, envisions the drilling of a confirmation well, confirming the reserves, developing a feasibility study and signing commercial terms and conditions. The second stage will include the field development, geological exploration, the construction of a gas conversion facility and a gas chemical complex to produce high added-value products.
