4 February 2013, 14:25
As was reported before, Project Finance International, a subsidiary of a leading global media and financial-data corporation “Thomson Reuters” named construction project of Ustyurt Gas Chemical Complex on the base of Surgil gas field an international project of the year in nomination “Deal of the year in oil and gas chemistry”.
2013 PFI Awards was held in London on 30 January where the award was handed to the representatives of Uzbekneftgaz national holding company, consortium of Korean companies consisting of Kogas and Lotte Petrochemicals and Uz-Kor Chemicals joint enterprise, established for project implementation.
The awards ceremony, held at the Hilton Park Lane in London, hosted over 400 representatives of the largest international export-import agencies, investment and commercial banks, consulting companies and law firms, taking part in significant investment projects around the world.
Opening the ceremony, editor of PFI Rod Morrison particularly highlighted that during the long period of project financing for the first time a project from Uzbekistan is taking part at the event. He noted that project financing of Ustyurt Gas Chemical Complex is the first such deal not only for the oil and gas sector of Uzbekistan, but also for a whole CIS. This fact together with project innovation, served as the basis in recognizing the project as the deal of the year.
Event organizers also underlined that construction project of Ustyurt GCC is carried out with a 2,54 bln. USD loan without a sovereign guarantee of the Government of the Republic of Uzbekistan, despite instability and high uncertainty in the world financial markets, observed in recent years. The success of the deal was the recognition of the success and efficiency of the "Uzbek model" of reforms designed and implemented under the leadership of President Islam Karimov.
As a result of consistent realization of reforms in Uzbekistan sustained political, social and macroeconomic stability was assured, which ensured trust of foreign investors and creditors to invest in our country. This factor, in line with total support of the Government of the Republic in creating favorable climate for foreign investors and creditors, provides conditions for realization of mass-scale industrial projects on the basis of project financing in cooperation with leading international companies.
The international award to the construction project of the Ustyurt GCC on the basis of Surgil gas field drew attention of the leading international investment banks, foreign investors and creditors, the representatives of which noted that projects in Uzbekistan became subjects of their attention and expressed their readiness to be get involved in new large projects in our country.