Page 17 - FSUOGM Week 06 2021

FSUOGM PROJECTS & COMPANIES FSUOGM

Uzbekistan secures tech for

methanol-to-olefins plant

UZBEKISTAN JIZZAKH Petroleum, an oil and gas company completion of marketing and feasibility studies
focused on developing Uzbekistan’s energy by consulting and technical partners IHS Markit,
The plant will process sector, has announced significant progress in Nexant, and Wood.
1.5bn cubic metres the construction of a new gas-to-chemicals Jizzakh Petroleum has engaged White &
of gas into 700,000 complex based on methanol-to-olefins (MTO) Case as the project’s legal advisor and Mott Mac-
tonnes per year of technology. Donald as Environmental and Social Impact
polymers. The MTO project is said to have no compar- Assessment consultant. An agreement has also
ison in the CIS region based on its planned scale been signed with Woodon FEED. Formal letters
and technical capabilities. of intent have been received from SACE (ECA
When completed, the new state-of-the-art of Italy) and Bank Intesa Sanpaolo (Italy) for
complex is expected to process 1.5 bcm of nat- financing FEED. Negotiations have taken place
ural gas per annum and manufacture more with Marco Polo International (USA) and KTM
than 700,000 tonnes per year of high-quality Kimyevi Maddeler (Turkey) for the offtake of
polymers. polymer products.
Successful completion of the project will fur- Minister of Energy of Uzbekistan Alisher
ther diversify Uzbekistan’s economy, developing Sultanov said: “The Government of Uzbekistan
its domestic textile, chemical and parapharma- welcomes the progress that has been achieved in
ceutical industries. It will also reduce Uzbeki- relation to this Bukhara complex. We view this
stan’s demand for imports. project as a model for future interaction between
Since the beginning of this year, Jizzakh Uzbekistan business and international partners.
Petroleum has inked six technology licence This partnership is the key to the accelerated
agreements with leading international com- development program being implemented by
panies, namely Chemtex (Invista) (USA), Sci- our government, in particular, the Ministry of
entific Design (USA), Versalis (Italy), Haldor Energy. Having completed site selection just last
Topsoe (Denmark), Grace (USA), Sinopec year, we are delighted that discussions with Jiz-
(China) zakh Petroleum have so quickly led to this series
These milestones follow the September of agreements with major international licen-
2020 announcement on site selection and the sors.” ™

NEWS IN BRIEF

RUSSIA The hurdle of certification remains, but
after more than a year of sanctions delays, Gazprom to offer 6-year
Russia's Gazprom plans to BCS GM analysts welcome Gazprom’s most Eurobonds in euros
high-profile project "finally moving forward
complete pipelaying of Nord again." Russian gas giant Gazprom plans to offer
"However, physical completion does not
Stream 2 in April mean an immediate start to operations, 6-year euro-denominated Eurobonds, a
financial source told PRIME on February 9.
as the lines would still have to be
Russian natural gas major Gazprom plans independently certified, and US sanctions The company plans to hold a series of
to complete both lines of Nord Stream 2 have also targeted any company that might calls devoted to the possible placement later
pipeline to Germany via the Baltic Sea by provide that service," BCS GM warns. The in the day.
the end of April 2021, Interfax reported analysts still see the forecasted timeline of Gazprombank, J.P. Morgan, IMI-Intesa
citing the updated report of the company to the start of gas shipments in 2022 as "solid". Sanpaolo, SMBC Nikko, and VTB Capital
the Danish Maritime Agency. As followed by bne IntelliNews, the will act as organizers.
Reportedly, the report states that pipe- US may be prepared to enter talks with
laying activities had resumed on February Germany on easing its sanctions on
6 in Danish waters after a delay of over 14 Nord Stream 2, German business paper Gazprom expects avg
months. Handelsblatt said this month, signalling that
"With pipe-laying restarted, Nord Stream the Biden administration may have resigned export gas price above
2 is now expected to be physically finished itself to the fact that the Russian pipeline
by May," BCS Global Markets commented will be completed. $200 in 2021
on February 9, seeing the news as positive
for Gazprom and affirming a Buy call on the Russian gas giant Gazprom expects an
company's shares. average export price for its natural gas to

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