Uz-Kor Gas Chemical signed a $2.54 billion financing onfor the construction of its Ustyurt gas in north-western Uzbekistan. Uzbekneftegaz (UNG), the national oil company of Uzbekistan owns half of the borrower and a consortium of South Korean sponsors – Korea Gas Corporation, Honam Petrochemical and STX Energy – owns the rest.
The debt, which signed on 19 May, is noteworthy for the size of the debt raised, split between thirteen lenders, across eight separate facilities, and involves a mixture of ECA, multilateral and commercial bank support. The deal is only the second petrochemicals project financing in the CIS region to close and the first to do so with sponsor contingent support, rather than a full completion guarantee.
The project, which has a mixture of upstream and downstream elements, will include gas production wells with a 2.3 million tonnes per year (tpy) capacity, product pipeline and delivery infrastructure and a gas separation plant...
Take a free website trial to read this article. It’s easy to get a trial – just follow this link or email info@projectfinancemagazine.com.
Or, if you’re a subscriber or have an active trial, simply log in below to read the article.
Subscribe
Subscribers have unlimited access to all current and archive content. Start your
subscription today - click on the button below.
Subscribe
Free trial
Taking a free trial will give you access to the latest news and analysis, as
well as the online deals database, BenchBase. Start your free trial today.
Free Trial