NEWS AND EVENTS
April 25, 2014
Uzbekistan continues to implement the policy on the introduction of modern technologies in the oil and gas sector. Every year, the National Holding Company Uzbekneftegaz puts facilities into operation across the country to expand and enhance the volume of the resulting fossil fuels.
This strategy has long proved its effectiveness. The republic not only supplies gas to the domestic market, but also is actively boosting export niches. New fields are being developed across the country to ensure uninterrupted gas population, even in remote areas laid pipelines. Until the end of this year Uzbekneftegas plans to launch two booster compressor stations in the fields Shurtan and Alan.
The total project cost for the Shurtan field’s additional construction exceeds US$309m. It provides drilling of 18 wells and overhaul of another 16. Works are underway to extend the current data collection and transportation of natural gas to the construction of a booster station to conserve power of 9 billion cubic meters of “blue fuel” annually. The Uzbek side has already held tendering and contract for the supply of basic technological equipment of more than US$177.7m.
Work will be financed by own funds of Uzbekneftegaz in the amount of US$96.5m, loans of the Fund for Reconstruction and Development of Uzbekistan for US$53.3m, and the Khalq Banki - US$70.5m. The company also plans to attract other commercial lines of credit banks, including foreign ones, totaling more than US$89m.
To additional construction of the Alan field will be directed over US$250m. Under the already running project it is planned to equip 27 wells, build a booster station capacity of 5 billion cubic meters of natural gas per year. Companies selected under tenders, supply of technological equipment for US$75.6m.
This project will fund all of the same lenders. The Fund for Reconstruction and Development of Uzbekistan and the Halq Bank to allocate US$53.49m and US$31.43m credit funds, respectively, and Uzbekneftegas will invest US$154.29m of its own funds. Another US$11m is to be drawn from local or foreign banks.
(Source: “Uzbekistan Today” newspaper)