Uzbekistan aims to join China gas supply route in 2012

May 19th, 2012

Uzbekistan aims to start pumping natural gas to China this year through a pipeline spanning three Central Asia states, gaining access to a supply network key to diversifying supplies from the ex-Soviet region, a senior Uzbek official said on Thursday.

The Central Asian pipeline network, launched in 2009, runs nearly 2,000 km (1,250 miles) from Turkmenistan through the former Soviet neighbours of Uzbekistan and Kazakhstan before reaching China’s northwestern Xinjiang region.
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S&P rates Uzbekistan-Based Turkiston Bank

May 17th, 2012

— We are assigning our ‘B-’ long-term and ‘C’ short-term counterparty credit ratings to Uzbekistan-based Turkiston Bank.
— Our ratings on Turkiston Bank reflect the ‘b+’ anchor for a commercial bank operating only in Uzbekistan, as well as our assessment of the bank’s “weak” business position, “strong” capital and earnings, “weak” risk position, “average” funding, and “adequate” liquidity, as our criteria define these
terms.
— The stable outlook balances our expectation that the bank will maintain strong capitalization and adequate liquidity metrics against continuing high levels of asset growth and our expectation that asset quality will deteriorate closer to industry-average levels.

Rating Action
On May 17, 2012, Standard & Poor’s Ratings Services assigned its ‘B-’ long-term and ‘C’ short-term counterparty credit ratings to Turkiston Bank. The outlook is stable.
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Cost of building solar power plant in Uzbekistan could reach 250 million euros

May 17th, 2012

The preliminary estimated construction cost of a solar power plant in Uzbekistan could reach 250 million euros, operator of international upstream projects of Lukoil — Lukoil Overseas said.

The report said Lukoil has prepared a proposal to build a 100MWsolar power plant and create a national institute of solar energy near the city of Navoi on the proposal of the government of Uzbekistan.
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Uzbekistan plans to sell off 500 state assets in effort to expand private sector

May 16th, 2012

Uzbekistan’s government says it plans to sell off almost 500 state assets over the next two years in an ongoing drive to expand the private sector in this former Soviet nation.

Media in Uzbekistan cited Uzbek state property committee deputy chairman Saifitdlin Gafarov as saying Tuesday that assets in the oil, gas, energy, metals, agriculture, electronics and pharmaceuticals industries sectors will be made available for purchase.

Uzbekistan, a Central Asian nation north of Afghanistan, has pursued a strict policy of economic self-reliance since gaining independence in 1991, but it has recently shown increasing openness to international financial support.

The government in April announced it was seeking to attract investors with new tax concessions and rules limiting government interference in foreign-owned companies.

Economic growth driven by high prices for the country’s commodity exports has been healthy, reaching more than 8 percent in 2011.

The International Monetary Fund in late March urged Uzbekistan to further develop its private sector and promote economic diversification.

Source: Washington Post

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Tethys Petroleum Limited: New Oil Field Acquired

May 16th, 2012

Tethys Petroleum (TSX:TPL)(LSE:TPL) today announced Chegara Production Limited (”CPL”), its 100% owned subsidiary, has signed a Production Enhancement Contract (”PEC”) for a new oil field, the Chegara Group of Fields (”Chegara”), in Uzbekistan. In addition Tethys announced it had signed a Memorandum of Understanding (”MOU”), which agrees a timetable for the potential signing of an Exploration Agreement for a highly prospective Exploration block.

Key Points:

New 25-year Production Enhancement Contract on oil field

Existing producing oil wells

Significant upside in undrilled areas – additional geophysical data to be acquired

MOU for potential Exploration Agreement on an exploration block in North Ustyurt Basin
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Uzbekenergo announces tender to modernize Syr-Darya CHP plant

May 14th, 2012

Uzbekistan state joint-stock company Uzbekenergo has announced a tender to select a general contractor for modernizing the Syr-Darya combined heat and power plant, the largest CHPP in Central Asia.

The starting price has been set at $57.3m. Based on the terms of the tender, the winner must design and install turnkey equipment for the reconstruction of the third and fourth power units at Syr-Darya, with a capacity of 300 MW each.

During reconstruction, there are plans to boost the CHPP’s capacity by 50 MW. The power units are slated for commissioning in October-December 2013.

Tender proposals are being accepted until June 12, with the results to be summed up in the third quarter of this year.

A loan from the Fund for the Reconstruction and Development of Uzbekistan and Uzbekenergo’s own funds will be used to finance the project.

Source: Cogeneration Magazine

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Uzbekneftegaz, Singapore’s Indorama Plan Gas Chemical Complex

May 14th, 2012

Uzbekneftegaz National Holding Company (NHC) and Singapore’s Indorama Group plan in the second half of 2012 to establish a joint venture (JV) to build a gas chemical complex (GCC) in Kashkadarya region (south of Uzbekistan), chairman of the board of Uzbekneftegaz Shokir Faizullayev told reporters on Monday.

He said a working group that develops the technology and strategy of the project’s implementation has been formed.

“We expect preparation of the necessary documents and serious progress in project implementation in the remaining half of the year,” he said.

As reported earlier, the project worth more than $2.5 billion provides for construction of a GCC with a capacity of 500,000 tons of polyethylene a year. The construction period is four years.

The project will be financed by Uzbekneftegaz, loans from the Uzbek Reconstruction and Development Fund, and investments by the Singaporean company.

In 2010, Uzbekneftegaz and Indorama signed a memorandum of cooperation, providing for technological and financial participation of Singapore company to establish production of diversified products (polymers and polyethylene) on the basis of the Mubarek Gas Processing Plant.

Mubarek Gas Processing Plant was commissioned in 1971. At present, its capacity is about 30 billion cubic meters of natural gas and production of more than 570,000 tons of gas condensate per year.

In 2001, Uzbekneftegaz put into operation Shurtan GCC on the basis of Shurtan gas-condensate field in Kashkadarya worth $985 million. The design capacity of the complex during processing 3.9 billion cubic meters of natural gas is 125,000 tons of polyethylene, 100,000 tons of liquefied gas and 100,000 tons of unstable condensate per year.

Currently, the Uzbekneftegaz together with a consortium of Korean companies led by Kogas implements a project for the construction of Ustyurt GCC on the basis of the Surgil field in the north-west of the country. Its capacity will allow to process four billion cubic meters of natural gas per year and produce 400,000 tons of polyethylene and 100,000 tons of polypropylene. Total project cost is $ 4.2 billion.

Source: Downstreamtoday

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In Uzbekistan young families receive mortgages for flats at Central Bank refinancing rate

May 14th, 2012

In order to further strengthen state support for the creation of favourable living conditions for young families and increasing access to affordable housing, the Cabinet has approved a programme for the construction and reconstruction of apartment buildings in cities, regional centres and urban villages in 2012-2013.

In Uzbekistan young families will receive mortgages on apartments under construction at the Central Bank refinancing rate. The special commission will deal with the selection of those who are in need of housing. The cost of a mortgage loan will be 12% per annum with a 3-year grace period after the introduction of the applicants to a special account in the amount of the initial payment of at least 25% of the cost of the housing.

Source: Caspionet.kz

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Net profit of RBS NB Uzbekistan decreased by 14 per cent in 2011

May 10th, 2012

The net profit of the Royal Bank of Scotland NB Uzbekistan (RBS NB Uzbekistan), the largest joint bank in Uzbekistan, calculated by the International Accounting Standards (IAS) in 2011 declined by 14 per cent compared to 2010, to 4.49 billion soum, the bank said on Thursday.

According to the audited balance sheet, the bank’s assets decreased by 0.7 per cent in 2011, up to 539.1 billion soum, including funds from other banks increased by 3.4 per cent up to 529.6 billion soum.

Liabilities of RBS NB Uzbekistan decreased by 1.7 per cent last year to 498.04 billion soum, whilst equity increased by 12.3 per cent to 41.04 billion soum.
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Uzbekistan allocates $42 mln for construction of Hyatt Regency hotel in Tashkent

May 10th, 2012

The Fund for Reconstruction and Development of Uzbekistan (FRDU) provided the administration of Tashkent with a loan worth $42 million to build a five-star hotel under the brand name Hyatt Regency worth $113 million.

The loan term is for 12 years including a two-year grace period. Interest rate is three per cent per annum.

As reported earlier by Trend, in early April 2012 one of the largest hotel operators Hyatt International, the administration of Tashkent and the FRDU signed an agreement to build a luxury hotel with 294 rooms in 2012-2013.

Under the agreement, Hyatt International will provide technical advisory services during the design, construction and equipment of hotel management services to the hotel, the right to use Hyatt Regency hotel brand, as well as granting $5 million after commissioning the hotel.

The state unitary enterprise ‘Construction and Maintenance of capital’ will be established in Tashkent in order to implement the project

Financing of the project will be implemented through the funds of the budget amounting to $71 million and credit of the Fund for Reconstruction and Development of Uzbekistan in the amount of $42 million.

Construction of the hotel is provided under the decree of the President of Uzbekistan Islam Karimov ‘On measures on organisation of construction of international class hotels in the city of Tashkent’.

Currently there is only one, five star hotel, managed by the British Intercontinental chain.

Source: Hotel-online

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