Investments in the oil and gas industry of Uzbekistan | Статья в журнале «Молодой ученый»

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Курбанова Д. А. Investments in the oil and gas industry of Uzbekistan // Молодой ученый. — 2017. — №1.3. — С. 26-29. — URL https://moluch.ru/archive/135/37514/ (дата обращения: 17.01.2020).



Currently, the effective and stable attraction of foreign investment is one of the main key factors that indicate a high degree of economic development of a state.It is easy to understand the important role of attracting foreign investment to ensure the effective implementation of economic reforms in the years of independence, our Republic. Attracting foreign investment in sectors of the economy and their implementation, moreover the creation of socio - economic and legal conditions for the conduct of a full and guaranteed by the activities of foreign investors are particularly priority areas to ensure a stable development of the economy.

Macroeconomic stability, quick and simple process of privatization, transparency, liberal laws and regulations, a highly skilled workforce, good infrastructure - the main factors affecting the attraction of foreign investors' attention to one or the other sector of the economy. Due to the vast reserves of natural resources in the territory of the existing legal framework and favorable conditions for foreign investors and their implementation in reality few large-scale investment projects in the future it is expected to further the realization of considerable projects involving foreign investment has been carried out.

One of the main industries - oil and gas industry has always been of particular interest to foreign investors. The implementation of several large-scale investment projects and in the years of independence are a vivid example to this argument [1; с.21]. There was constructed a compressor station on the base of Kukdumalok field with the participation of "Dresser Rand" and put into operation in 1997. The construction of the compressor station was an important stage in the development of oil and gas industry of Uzbekistan. The implementation of this project in partnership with companies "Kellogg" USA and "Nisho Iwai" Japan, is considered as the beginning of attraction foreign investments into Oil and Gas sphere of Uzbekistan.

The project for the construction of a booster compressor station at the field Shurtan implemented jointly with the engineering company "Bateman" (Israel) and the object is put into operation in 2003.

In 2004, between the Republic of Uzbekistan and a consortium of investors in the Russian oil company Lukoil and the National Holding Company "Uzbekneftegaz" signed a Production Sharing Agreement (PSA) with respect to the site Kandym group of fields, Khauzak and Shady and Kungrad site for a period of 35 years (a mega-project).

Next there was developed another colossal project - Synthetic liquid fuel production on the basis of purified methane Shurtan Gas Chemical Complex. Total this project cost - 3985 million Average annual design production capacity of 863 thousand tons of diesel fuel, 304 thousand tons of kerosene, 393 thousand tons of naphtha and 11 thousand tons of liquefied gas. The project is implemented jointly with "Sasol" (South Africa) and "Petronas" (Malaysia). And Malaysia is one of the world's largest gas processing and production of synthetic liquid fuel based on unique technology.

Total value of the project of construction of gas – chemical complex Unitary Affiliate Mubarek GPP is over 2 billion dollars; a project production capacity is 492 thousand tons of polyethylene, 66 thousand tons of gas condensate and 53 tons of pyrolysis gasoline. The walking visit of the first President of the Republic of Uzbekistan Islam Karimov to the People’s Republic of China in 19-20 August 2014 signed a framework agreement on realization of project construction of joint gas – chemical complex on UA "Mubarek GPP".

In 2007, Uzbekistan joined the large-scale construction project of the transnational gas pipeline Turkmenistan - Uzbekistan - Kazakhstan - China, which is the longest in the world (7,000 km). Between NHC "Uzbekneftegaz" and CNPC was created by the joint venture «Asia Trans Gas» for the design, construction and operation of the Uzbek section of the pipeline (530 km). During the visit, the first President of Uzbekistan Islam Karimov to China August 19-20, 2014 was signed an agreement between NHC "Uzbekneftegaz" and CNPC on the construction and operation of the principles of 4-gas pipeline "Uzbekistan-China".

A striking example is the ongoing affairs of Ustyurt Gas Chemical Complex total value of $ 4 billion, the implementation of which will enable the process in a year 4.5 billion cubic meters of natural gas and thereby produce marketable gas, polyethylene, polypropylene, pyrolysis distillates and other products. The raw material base of MCC are Surgil field, Eastern Berdakh, Uchsay and Northern Berdakh. The largest of them - Surgil was opened in 2006, with reserves of about 120 billion cubic meters of natural gas.

The project worth $ 4 billion will make it possible to process a year 4.5 billion cubic meters of natural gas and thereby produce 3.7 billion cubic meters of marketable gas, 387 thousand tons of polyethylene, 83 thousand tons of polypropylene, 102,000 tons of pyrolysis distillate and other valuable products [2].

Project financing of Ustyurt Gas Chemical Complex recognized international deal of the year. Company «Thomson Reuters», which is the world leader in business intelligence, publishes a periodical on global project finance market analysis «PFI» (Project Finance International).

In December 2012, the final edition of the «Project Finance International 2012 Year Book» announced the awarding of annual awards by the end of 2012 based on the analysis of transactions a global community of participants in project financing.

The authoritative international publication «Infrastructure Journal» awarded March 13, 2014 the prestigious "Global Transaction in 2014 in oil and gas sector" construction project of Ustyurt Gas Chemical Complex.

It began a pilot production process on the Ustyurt Gas Chemical Complex in 2014. More than 54.9 thousand tons of liquefied petroleum gas were produced in 2015, more than 34 thousand tons of gas condensate. Last year, there have been sent more than 1.8 billion cubic meters of marketable gas and ethane to the main gas pipelines, in the energy system of the Joint Stock Company "Uzbekenergo" - more than 87.5 thousand megawatts of electricity.

Today pyrolysis distillate is sent to the Bukhara oil refining plant to produce gasoline. Polyethylene and polypropylene are exported to several countries in the world. To date, over 186 thousand tons of polyethylene and polypropylene, a total value of $ 150 million, were exported to Central and East Asia, CIS and Europe. By 2020, the volume of polyethylene production will increase by 4.1 times [3].

By the end of 2016, "Uzbekneftegaz" is planned to invest almost US $ 295 million to increase the volume of gas production for the supply of Ustyurtgaz gas - chemical complex. On the base of this project it is started the construction of a booster compressor station on Eastern Berdakh deposit, affiliated into chemical raw materials base of Ustyurtgaz.

The implemented work allow to extract a 43,1 thousand tons of gas condensateand 2 billion cubic meters of gas annually, which means to be able to increase to capacity plan to 15%. By 2020 year, the project is expected to provide 47 deposits of total re-equipment. The project will be financed by the credits of the Fund for the Development and Reconstruction and own funds of "Uzbekneftegaz" National Holding Company.

A project on construction of Ustyurt Gas Chemical Complex on the base of Surgil field was included to top ten global investment projects of the world in 2012 in line with ranking of British consulting company Dealogic, The Great Britan.

The list of global investment projects includes the largest investment projects, implemented in various sectors of industry and infrastructure by regions. Last year, over 900 projects with total cost of $382 billion have been started in the world. Some 28% of them fell to share of Asia and 22$ to Australia, 16% to Europe, 13% to North America and 11% to South America, as well as 9% to Middle East and Northern Africa.

Ustyurt Gas Chemical Complex will ensure processing of 4.5 billion cubic meters of gas and produce 4 billion tank gas, 400,000 of polyethylene and 100,000 tons of polypropylene, as well as 100,000 tons of pyrolized petroleum. The volume of exports makes up $750 million. The enterprise will export products to Europe, Eastern and Southern-Eastern Asia. It is expected that Ustyurt Gas Chemical Complex will be commissioned in early 2016.

The previous project cost is $ 1 billion. It was developed in cooperation between Uzbekistan and South Korea. Dealogic was established in 1983 and it provides analytical and consulting services for commercial banks, professional participants of securities market and investors on such issues as financial markets, securities and investment activities. [4]

Another prestigious prize "Global Deal of 2014 in the field of oil and gas" was awarded the construction project of the Ustyurt Gas Chemical Complex by the International Edition "Infrastructure Journal", which confirms the enormous scale of the project.

The Investment Program of the Republic of Uzbekistan for 2015 included 31 investment projects to "Uzbekneftegaz" NHC, with a forecast of investments development in 2015 with the amount of 3 028, 25 million dollars, including foreign direct investment 2 244, 55 million dollars, own funds of Uzbekneftegaz NHC 542,26 million dollars, the resources of the Fund for Reconstruction and Development 231.37 million dollars, loans of commercial banks to 10,07 million dollars. During the reporting year actually developed 3044,94 million dollars, which is 101.6% of the forecast of current period, including foreign direct investment - 100.1%, own funds - 103.5%, the resources of the Fund for Reconstruction and Development -100.0% and loans of commercial banks - 54.4%.

The implementation of investment programs for 2012 – 2015 years

2015

2013

The first quarter of 2012

The number of implemented projects

31

41

44

The prognosis of total amount of developed investment

3 028, 25 million US dollars

2809,76 million US dollars

2701,45 million US dollars

Including foreign direct investment

2 244, 55 million US dollars

N/A

1893,55 million US dollars

Own funds of Uzbekneftegaz NHC

542,26 million US dollars

N/A

452,58 million US dollars

The resources of the Fund for Reconstruction and Development

231.37 million US dollars

N/A

305,0 million US dollars

loans of commercial banks

10,07 million US dollars

N/A

35,8 million US dollars

the percentage of developed investments of the target

101.6%

111%

100.6%

Compiled from the data of the site of Uzbekneftegaz NHC: www.ung.uz

In fact, the oil and gas industry is considered to be a strategic priority of the state: it is the base that provides stability of the country, and the basis of its economy. The modern world is dependent on fuel: vehicles drive through petroleum, natural gas produced polymers, some medicines and even small everyday things the result of ordinary plastic.

All this without exaggeration makes the gas and oil the most useful and valuable resource, not only the fuel industry, but also other spheres. Therefore, the oil and gas industry plays a leading role in the economy of countries. Gas and oil complexes are closely related with other sectors of the economy and production state. Commodity structure of domestic and international trade is full of gas processing and oil products. Fossil significantly steps ahead of other exports and imports of goods year by year. Commercial energy balance is largely dependent on oil and natural gas. So, gas and oil account is for about 60% of global energy consumption.

All given arguments prove the key role of the oil and gas industry in any country’s economy. And because of this fact, oil and gas sphere holds the huge part of foreign investments.

References:

  1. Бурханов А.У. Узбекистон нефть-газ саноатини баркарор ривожлантириш истикболлари// Иктисод ва молия – Экономика и финансы, №6, 2012. С.21-25.
  2. Buzova I.A. Makhovikova G.A. Commercial evaluation of investments.- SPb.: Piter, 2005.
  3. Lojnikova A.V. Investment mechanisms in real economy.- M.: MZ-Press, 2004.
  4. Samarkhodjaev B.B. Investment in the Republic of Uzbekistan. T. 2003. http://www.uzneftegaz.uz/ru/about/investment_projects
  5. http://ru.sputniknews-uz.com/economy/20160522/2863657.html
  6. http://timesca.com/index.php/news/7875-ustyurt-gas-chemical-complex-among-top-ten-investment-projects-in-2012--dealogic
Основные термины (генерируются автоматически): NHC, CNPC, GPP, CIS, MCC, PSA, USA.


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