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NEWS

Sasol Limited intends to reduce its stake in GTL-project in Uzbekistan

www.menafn.com
20 June 2013

South African Sasol Limited has announced its intention to reduce its stake in the joint venture Uzbekistan GTL, operator of the plant for the production of synthetic fuels (GTL), from 44.5 percent to 25.5 percent by the end of completion of the drafting process (FEED) in connection with the growth of the company's portfolio and significant investment in the company's projects in South Africa.

Sasol chief financial officer Christine Ramon said the preparatory phase of the Uzbek project is going well and will be completed in the second half of 2013. She added that a final decision on the project will be made after identifying the sources of funding.

The project is currently under basic design development stage (FEED-2).

According to Ramon, Sasol Limited is considering various options for the company's participation in the authorized capital of the joint venture Uzbekistan GTL.

Thus, the project in Uzbekistan remains important for the development of Sasol Limited's GTL-portfolio and economic feasibility of the project is still reliable.

National Holding Company (NHC) Uzbekneftegaz, South African Sasol and Malaysia's Petronas signed the founding documents to establish the joint venture Uzbekistan GTL for the construction of GTL-plant for the production of synthetic fuel based on the Shurtan Gas Chemical Complex (Kashkadarya region, south of Uzbekistan) in November 2009.

Currently, the shares of Sasol and Uzbekneftegaz NHC in the joint venture are at 44.5 percent, Petronas -- 11 percent.

The plant will process 3.5 billion cubic meters of gas and produce 863,000 tons of diesel fuel, 304,000 tons of jet fuel, 395,000 tons of naphtha and 11,200 tons of liquefied gas. The project's feasibility study is undertaken by the French Technip. The construction period is five years.

Methane, coming from Shurtan in the amount of 3.5 billion cubic meters, will be used as the raw material for the production of fuel.

Funding for construction of the plant at 4.1 billion will be financed through equity of the joint venture founders and loans from consortium of banks and financial institutions.