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Sasol reconsiders participation in construction of GTL-plant in Uzbekistan

In the first half of this year South African Sasol will make a decision about its future participation in construction of the plant for producing synthetic fuel in the south of Uzbekistan.

According to the company, the basis for the revision of the company's involvement in the project in Uzbekistan is decline in energy prices.

Uzbekistan GTL joint venture was incorporated in Uzbekistan in November 2009 for construction of GTL plant on the basis of Shurtan gas and chemical complex, which involves three companies - Uzbek Uzbekneftegaz, Malaysia's Petronas and South Africa's Sasol.

In the summer of 2013 Sasol company decided to reduce its stake in the project up to the beginning of the direct construction of the plant. As for the rest part, it may be distributed among the existing shareholders, or passed to new members of the joint venture. Now the joint venture is actively seeking for additional participants of the project.

For the past two years Uzbekistan GTL can not attract foreign loans needed to finance construction of the plant, as well as establish an international banking consortium. The reason for this is negative prices conjuncture for energy resources.

The plant will process 3.5 billion cubic meters of gas and produce 864 thousand tons of diesel fuel, 304 thousand tons of jet fuel, 395 thousand tons of naphtha, and 11.2 thousand tons of liquefied gas per year. Construction of "turnkey" technological part of the plant will be performed by the South Korean Hyundai Engineering & Construction.

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