Malaysia¡¯s Petroliam Nasional Bhd
(Petronas) informed its partners on plant on production of synthetic fuel (GTL)
in Uzbekistan that it can decrease its share in Uzbekistan GTL JV.
Christine Ramon, Sasol Chief Financial
Officer, said that Petronas has indicated its intention to reduce its
participation to 11%.
She added that Sasol and Uzbekneftegaz
national holding company are currently reviewing the implications of Petronas's
intention to reduce its shareholding in the joint venture.
As reported earlier, Uzbekneftegaz
national holding company, Petronas and Sasol Synfuels International (PTY)
Limited signed charter and constituent agreement of joint venture Uzbekistan
GTL in November 2009. The preliminary cost of the project makes up US$2.5 billion.
The venture was created in parity terms
(33.3%) with preliminary charter capital of US$30 million. Later, the size of
the authorized capital will reach US$840 million.
Ramon said the purpose of Uzbekistan GTL
LLC is to study the commercial and technical viability of a GTL plant in
Uzbekistan with a nominal capacity of approximately 38 000 bbl/d.
¡°The project is nearing the end of the
feasibility study stage, which represents a key decision milestone. Securing
project finance and currency convertibility will be key criteria as we consider
whether to move to the next stage,¡± she added.
She said: ¡°We expect to make a decision on
the next phase of the project in the second half of the 2011 calendar year.¡±
Sasol official underlined that the GTL
project has key strategic importance for Uzbekistan and enjoys the continued
support of that government.
As reported earlier, France¡¯s Technip is
preparing feasibility study of the project on construction of the plant on
production of synthetic fuel. Technip signed a contract on developing
feasibility study with Uzbekistan GTL JV, which is operator of the plant, in
March 2010.
In line with preliminary feasibility
study, the plant will process 3.5 billion cubic meters of gas and produce
672,000 tonnes of diesel fuel, 278,000 tonnes of aviation kerosene, 361,000
tonnes of naphtha and 63,000 tonnes of liquefied gas. However, Uzbekneftegaz
said that designed capacity of the plant will be increased up to 1.468 million
tonnes a year
The project will be financed
due to own resources of the venture¡¯s founders, consortium of banks and
financial institutions, which issue loans on project financing terms.