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VEB.RF, Gazprombank, and EXIAR Consider Committing USD800mn to MTO Plant in Uzbekistan

4 june 2021 года
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VEB.RF, Gazprombank and EXIAR are considering committing USD800mn to build a MTO (Methanol to Olefins) plant in the town of Karakul, the Bukhara Region, Uzbekistan.

The memorandum of understanding in this area was signed by VEB.RF, Gazprombank, the Agency for Export Credit and Investment Insurance (EXIAR), and Jizzakh Petroleum at the SPIEF-2021.

Daniil Algulyan, Deputy Chairman and Member of the Management Board, VEB.RF:

“Mainly, our commitment is aimed to support the export of Russian products, including equipment and services. The preliminary amount set by the parties is USD800mn, including EXIAR’s insurance coverage. VEB.RF is now involved in discussing Uzbek oil and gas projects with Russian exports of high-tech products and services for a total of over 1.5 billion US dollars.”

Aleksey Belous, Deputy Chairman, Gazprombank:

“Recently, Russian businesses have been active in entering the economic space of Uzbekistan. Gazprombank is one the most active Russian banks with presence in Uzbekistan. For several years, Gazprombank has been involved in large-scale investment projects in cooperation with leading Uzbek oil and gas, petrochemical, industrial other key players of the Uzbek economy. Namely, we are actively financing the supply of high-technology Russian equipment to build a GTL plant in Uzbekistan. The plant will receive stripped methane from the Shurtansky Plant. Another potential key Uzbek project for VEB.RF and EXIAR is the MTO plant.”

Nikita Gusakov, Senior Vice-President, Russian Export Center:

“We consider such comprehensive investment projects as a tool to create sustainable demand for the export of Russian technologies. At the same time, the success of investment projects hinges on efficient financing mechanisms, as Russian contractors face global companies and their technical and financial capabilities when they enter international markets. Therefore, we see the greatest demand for affordable financing for a foreign borrower or the borrower’s bank.


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