22 February 2012
The President of Uzbekistan Islam Karimov has approved sources of financing for construction of the Ustyurt Gas Chemical Complex in north-western Uzbekistan. In line with the resolution, the project with the cost of USD 4 billion will be financed due to loans of international financial institutions based on project financing at the size of USD 2.52 billion, resources of Uz-Kor GasChemical at the size of USD 1.41 billion and loan of the Fund for Reconstruction and Development of Uzbekistan – USD 100 million.
In line with the document, Uzbekneftegaz national holding company will invest USD 705.43 million, including property, while Kor-Uz Gas Chemical Investment Ltd – USD 705.43 million. According to the feasibility study, the complex will annually process 4.5 billion cum of gas, and produce 400,000 polyethylene and 100,000tns of polypropylene, as well as 100,000tns of pyrolized petroleum. Singapore's CMAI prepared the feasibility study of the project. The construction term is 38 months.
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