Page 16 - FSU OGM Week 26

FSUOGM PROJECTS & COMPANIES FSUOGM

Russian investors plan 1.5 GW

Uzbek gas power plant

UZBEKISTAN A Russian investment vehicle involved in devel- together with the government of Uzbekistan
oping a large-sized gas field in southern Uzbek- we will be able to sign binding agreements and
The plant will run on istan has signed a preliminary deal to build a launch the project with the support of leading
gas from a major field 1,500-MW gas-fired power plant at the site. Russian banks such as VTB and Gazprombank.”
in the south of the Cyprus-registered Altmax, part-owned by Filatov did not disclose a timeframe for the
country. Russian billionaire Andrey Filatov, has signed a study’s completion.
memorandum on the project with Uzbekistan’s M25 was assessed by its developers in 2017 as
energy ministry, TASS and other Russian news holding over 100bn cubic metres of recoverable
agencies reported on June 24. gas. Filatov bought into the project late that year,
The combined heat and power plant (CHPP) with his Cyprus-registered Brighttree Holding
will cost $1.8bn and will be built at the 25 Years vehicle taking a 50% stake of Altmax, which in
of Independence (M25) gas field in the Sur- turn has a 75% interest in the field. NewsBase
khandarya region. Altmax is part of a consor- understands that the remaining 50% of Altmax
tium that entered into a production-sharing is controlled by Bakhtiyor Fazylov, who is also
agreement (PSA) to exploit M25 in 2018. Its chairman of Russian oilfield services concern
partners are Gas Project Development Central Eriell. Eriell has been hired to drill wells at M25.
Asia, a joint venture between Russia’s Gazprom Appraisal work is still underway, although
and its financial arm Gazprombank, and a sub- the field is expected to yield 2 bcm per year of
sidiary of Uzbekistan’s national gas company gas initially and then 4 bcm after further devel-
Uzbekneftegaz. opment. The project’s investors have also talked
In a statement shared with media, Filatov said of building a gas processing and petrochemical
that Russian lenders VTB and Gazprombank complex at a cost of $3bn.
were interested in investing in the CHPP project. Uzbekistan projects that its energy demand
“The construction of additional energy will double by 2030, and the government aims to
capacities is necessary not only for the develop- match this growth by expanding its generation
ment of local industry and agriculture, but also capacity from 12.9 to 29.3 GW. As part of this
has serious export prospects: Afghanistan is plan, 15.6 GW of mostly gas-fired TPP capacity
located nearby, which, obviously, as civilian life will either be constructed or modernised, while
is restored, will need electricity,” he explained. “I 6.4 GW of older capacity will be decommis-
hope that once the feasibility study is completed, sioned. ™

P16 www. NEWSBASE .com Week 26 01•July•2020