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ADB approves $400m loan for petrochemical plant in Uzbekistan

26 January 2012

http://refiningandpetrochemicals.energy-business-review.com of 1/26/2012 - The Asian Development Bank (ADB) has approved a $400m loan and political risk guarantee to build a petrochemical plant in Uzbekistan.

The $4bn Surgil Natural Gas Chemicals project is located about 1,300km from the capital Tashkent in the Karakalpakstan region.

The project is to be operated and developed by Uz-Kor Gas Chemical.

The plant will produce gas for commercial use and for conversion into chemical intermediates used in the plastics and textiles industries.

In addition, the plant will have supply capacity of about 4.5 billion cubic meters per annum of natural gas throughout the life of the project.

Furthermore, it will include production wells, pipelines, ethylene cracker, polymer plants and onsite power generation.

The Export Import Bank of Korea, Korea Trade Insurance Corporation, China Development Bank, National Bank of Uzbekistan, European export credit agencies and international commercial lenders provided finance to fund the project which is expected to be operational in early 2016.

Uz-Kor Gas Chemical is a joint venture company owned by state-controlled oil and gas company National Holding Company Uzbekneftegaz, and a consortium of Republic of Korea companies.