Deutsche Bank, Landesbank Baden-Wuerttemberg and Landesbank Hessen-Thüringen Girozentrale (Helaba) will participate in financing the investment project to expand the production capacity of the Shurtan gas chemical complex of Uzbekneftegaz, without a state guarantee.
Within the framework of the economic forum “Uzbekistan: results and prospects of economic reforms”, it was announced that important agreements on financial cooperation were signed between Uzbekneftegaz and three leading banks in Europe.
Chairman of the Board of JSC “Uzbekneftegaz” Mehriddin Abdullayev signed agreements with representatives of a number of large banks. In particular, a memorandum of understanding was signed with Nikita Gusakov, Vice President of the Russian Export Center JSC.
In addition, a cooperation agreement was signed to finance the project “Expansion of production capacities of the Shurtan Gas Chemical Complex” with Helaba Bank for up to € 300 million under insurance coverage of Euler Hermes (Germany) and other European ECAs.
The document was signed by the Chairman of the Board of JSC Uzbekneftegaz and on systemic financing of trade and export Sardor Kholmakhmedov.
Also, Mehriddin Abdullayev and the bank’s general representative in Uzbekistan Aziz Inomhodjaev signed a financing cooperation agreement with Landesbank Baden-Wuerttemberg for up to EUR 300 million under insurance coverage of Euler Hermes (Germany) and other European ECAs.
Within the framework of the forum, a memorandum of understanding was signed between Uzbekneftegaz and Societe Generale SA bank.
The memorandum was signed by representatives of the parties: the head of the Societe Generale S.А bank for Central Asia and the Caucasus region Guliyeva Teiba and the Chairman of the Board of the company Mehriddin Abdullayev.
The latest agreement at the signing ceremony was concluded with Deutsche Bank for up to EUR 500 million under insurance coverage by Euler Hermes (Germany) and other European ECAs.
The Memorandum of Understanding on financing the project “Expansion of production capacities of the Shurtan Gas Chemical Complex” was signed with the head of the Deutsche Bank representative office in Uzbekistan and Kazakhstan Igor Wagner and the Chairman of the Management Board of Uzbekneftegaz JSC.
Cooperation agreements on financing the investment project Expansion of production capacities of the Shurtan gas chemical complex (“Project for the expansion of the Shurtan gas chemical complex”) amounted to more than 1.1 billion euros.
The total cost of the project is about US $ 1.8 billion, of which US $ 1.2 billion will be provided by a consortium of foreign banks and financial institutions, and US $ 600 million – by Uzbekneftegaz JSC.
It should be noted that the expansion of the production capacity of the Shurtan Gas Chemical Complex will allow for the production of an additional 280 thousand tons of bimodal polyethylene, 100 thousand tons of polypropylene and 50 thousand tons of pyrolysis distillate per year. The raw material base for the projected expansion facilities of the Shurtan Gas Chemical Complex is synthetic naphtha, which will be produced at the synthetic liquid fuel (GTL) plant.
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