Uzbekistan GTL LLC (the “Company”) is implementing an investment project “Production of synthetic liquid fuel based on purified methane of the Shurtan Gas Chemical Complex” (the “Project”) in accordance with the decrees of the President of the Republic of Uzbekistan No. PP-1206 dated 15.10.2009, No. PP-1618 dated 19.09.2011, No. PP-2706 dated 29.12.2016 and No. PP-4293 dated 17.04.2019.
The total cost of the Project is $3,421.8 million and has so far changed in the following order:
mln USD
|
Components |
In accordance with |
In accordance with |
Actual |
Reduction |
|
|
1 |
The total cost of the Project: |
3 732,9 |
3 611,9 |
3 421,8 |
311,1 |
|
1.1 |
EPC contract |
2 634,00 |
2 620,41 |
2 620,41 |
13,59 |
|
1.2 |
Owner’s Cost |
418,08 |
351,16 |
292,46 |
125,62 |
|
1.3 |
FEED 1 & FEED 2 |
209,84 |
209,84 |
209,84 |
|
|
1.4 |
Contingency |
131,7 |
131,02 |
|
131,7 |
|
1.5 |
Working Capital |
104,13 |
54,59 |
54,59 |
49,54 |
|
1.6 |
Interest During Construction |
235,14 |
244,91 |
244,56 |
(9,42) |
|
2 |
Sources of financing: |
|
|
|
|
|
2.1 |
JSC "Uzbekneftegaz" funds, i.e.: |
1 332,9 |
1 311,9 |
1 121,8 |
211,1 |
|
|
- UFRD loan |
740,0 |
740,0 |
740,0 |
|
|
|
- charter capital |
301,9 |
301,9 |
301,9 |
|
|
|
- loans of commercial banks |
171,0 |
150,0 |
– |
171,0 |
|
|
- JSC "Uzbekneftegaz" own funds |
120,0 |
120,0 |
79,9 |
40,1 |
|
2.2. |
Loans of the international banks |
2 400,0 |
2 300,0 |
2 300,0 |
100,0 |
Within the framework of financing the Project, the company attracted loans in the amount of $2,300 million covered with sovereign guarantee. According to the facility agreements, repayment of loans shall be made every six months (15 June and 15 December) commencing from 15 December 2021.
The balance of the principal as of 24 June 2024 is $1,362 million for the following lenders:
mln USD
|
№ |
Lender |
Total debt amount |
Remaining amount |
|
1 |
China Development Bank |
1 200,0 |
785,8 |
|
2 |
Export-Import Bank of Korea (KEXIM) (direct loan) |
500,0 |
327,4 |
|
3 |
Export-Import Bank of Korea (KEXIM) (covered lenders): |
100,0 |
65,5 |
|
|
|||
|
|
Credit Suisse |
25,0 |
16,4 |
|
|
MUFG |
25,0 |
16,4 |
|
|
SMBC |
15,0 |
9,8 |
|
|
Mizuho |
15,0 |
9,8 |
|
|
Woori Bank |
20,0 |
13,1 |
|
|
|||
|
4 |
Korea Trade Insurance Corporation (K-SURE) (covered lenders): |
280,0 |
183,3 |
|
|
|||
|
|
Credit Suisse |
75,0 |
49,1 |
|
|
MUFG |
75,0 |
49,1 |
|
|
SMBC |
75,0 |
49,1 |
|
|
Mizuho |
55,0 |
36,0 |
|
|
|||
|
5 |
JSC “Gazprombank” * |
120,0 |
0 |
|
6 |
JSC “State-Specialized Export-Import Bank of Russia” ** |
100,0 |
0 |
|
|
|||
|
TOTAL: |
2 300,0 |
1 362,0 |
|
* The loan of JSC “Gazprombank” has been prepaid in full on 28 February 2023.
** The loan of JSC “State-Specialized Export-Import Bank of Russia” has been bought by JSC “Gazprombank” on 23 March 2022, and it has been prepaid in full on 28 February 2023 thereafter.
As a result of the Project implementation, a plant with a capacity of 1.5 million tons per year of GTL diesel, GTL naphtha, GTL jet fuel and LPG has been built. It is expected that the production of these products will cover an average of $500 million per year of crude oil import, ensure the export of $200 million worth products, provide 2 trillion UzS in tax revenues and employment of 1,300 skilled professionals with high wages.
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