A gas processing complex at the Kandym field in southwest Uzbekistan has been launched, according to a statement of the Russian government on Thursday.
The complex will become one of the largest in Central Asia with a capacity of 8.1 billion cubic meters of natural gas per year.
The first phase of the complex was built in just two years and was opened on schedule, according to the statement.
In April 2016, Lukoil started construction of the Kandym gas processing plant to produce treated natural gas and stable gas condensate.
Russia's largest privately-owned oil company Lukoil is the project's investor.
Lukoil raised a $660 million loan 'with ten years maturity to finance part of the incurred construction costs' for the plant, the company said.
ING Bank, UniCredit Bank and Deutsche Bank provided the loan while the Korea Trade Insurance Corporation is responsible for insurance provision.
'The agreement represents a new level of financial cooperation between Uzbekistan, Korea and Lukoil Group, and confirms high investment prospects of projects in the region,' the company’s statement read.
The first phase of the plant has the capacity of 4 billion cubic meters of gas per year, according to the company.
The complex includes the first and second process lines of a gas processing facility, external power and water supply facilities, a gathering system and an export gas pipeline, a field camp, a fire station, among other facilities.
By Firdevs Yuksel