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 PP-2706 dated 29.12.2016	In accordance with PP-4293 dated 17.04.2019	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, loans were attracted from the following international financial institutions in the amount of $ 2,300 million:

                                                                                                                                                             mln USD

№	Lender	Total debt amount	Utilized amount
1	China Development Bank	1 200 000,0	1 200 000,0
2	Export-Import Bank of Korea (KEXIM) (direct loan)	500 000,0	500 000,0
3	Export-Import Bank of Korea (KEXIM) (covered):	100 000,0	100 000,0
	Credit Suisse	25 000,0	25 000,0
	MUFG	25 000,0	25 000,0
	SMBC	15 000,0	15 000,0
	Mizuho	15 000,0	15 000,0
	Woori Bank	20 000,0	20 000,0
4	Korea Trade Insurance Corporation (K-SURE) (covered):	280 000,0	280 000,0
	Credit Suisse	75 000,0	75 000,0
	MUFG	75 000,0	75 000,0
	SMBC	75 000,0	75 000,0
	Mizuho	55 000,0	55 000,0
5	JSC “Gazprombank”	120 000,0	120 000,0
6	JSC “State-Specialized Export-Import Bank of Russia”	100 000,0	100 000,0
Total:		2 300 000,0	2 300 000,0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repayment of the principal is considered to be made every six months starting from December 2021 (next payment in June 2022). The balance of the principal amount of the debt at the moment is $ 2,185 million.

As a result of the Project implementation, a plant for the production of GTL diesel, GTL naphtha, GTL aviation kerosene and LPG with a capacity of 1.5 million tons per year will be built. The production of these products will cover an average of $ 500 million per year of imports, 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.