OREANDA-NEWS. October 07, 2011. Uzbekneftegaz national holding company is planning to attract loan of Chinese Eximbank for 158.5 million to construction of gas fields in Gazli district (southern-western Uzbekistan) in 2012.

The loan of Chinese Eximbank will be attracted under the guarantee of the Uzbek Government from resources, allocated by the Chinese Government to the SCO member states. It is expected that loan agreement will be inked in the second half of 2012.

The loan will be used to construction pipeline for transportation of gas to backbone network, as well as corresponding infrastructure.

The project envisages development of deposits Kulbeshkak, Hodjikazgan, Dayahatin, Syuzma, Qumli, Chegarakum in 2011-2020. The group of deposits was opened in early 1990s, but they were not developed. The project will allow to produce 5 billion cubic meters of gas a year by 2021.

Along with the loan of Chinese Eximbank, the project will be financed due to own resources of Uzbekneftegaz for US5.5 million and credit of Fund for Reconstruction and Development of Uzbekistan for US6 million.

The development of deposits in Gazli region will be carried out to increase hydrocarbon resource base of Uzbekistan and increase exports of natural gas. Gazli gas deposit was commissioned in 1961 and it is one of largest in the region. Preliminary gas reserves were about 500 billion cubic meters. Currently, the resources of the deposit are exhausted.