Document

Report
FINANCING
INDUSTRIAL SECTOR PROJECTS
IN UZBEKISTAN
BANKING & FINANCIAL SECTOR
1. Central Bank of Uzbekistan
2. 30 commercial banks:
• 3 state-owned banks
• 13 joint stock banks
• 5 banks with foreign capital
• 9 private banks
3. Fund for Reconstruction and Development
4. Leasing companies, Investment Funds
BANKING & FINANCIAL SECTOR
14%
44%
7%
Assets
6%
4%
25%
13%
9%
40%
9%
5%
Capital
24%
NBU
Asaka bank
Agrobank
UzPSB
Ipotekabank
Others
BANKING & FINANCIAL SECTOR
Dynamics of deposits, assets and credit portfolio
20,00
18,00
16,00
14,00
12,00
10,00
18,2
8,00
13,20
6,00
4,00
19,90
8,70
2,00
0,00
2009
2010
2011
2012
• Establishing of Deposit
Guarantee Fund– since 2002
• Full guarantee of population
deposits in commercial banks –
since 2009
• Annual growth rate of assets,
deposits and credits - on average
35-40%
•Share of long term loans to real
sector in credit portfolio – 76%
•Overall assets significantly grew
since 2009 by 2012 - to 200%
BANKING & FINANCIAL SECTOR
Selected list of credit lines by international banks
provided to local banks:
• Asian Development Bank, IFC, World Bank, Islamic
Development Bank
• Korea Exim Bank, Korea Development Bank
• China Development Bank, The Export-Import Bank of
China
• Japan Bank for International Cooperation (JBIC)
• Export-Import Bank of India, Exim Bank of Malaysia
• Commerzbank, Deutsche Bank
BANKING & FINANCIAL SECTOR
COMPREHENSIVE REGULATIONS
• Conservative approach to the development of banking sector No single bank bankruptcy since 1991
• Strict bank licensing regulations aimed at quality rather than
quantity
• Comprehensive regulations based on Basel committee
recommendations and regular CAMELS rating system on site
audit
• Compulsory annual international audit of all commercial banks
since 1998
BANKING & FINANCIAL SECTOR
HIGH LIQUIDITY AND CAPITAL ADEQUACY RATIOS
• Risk-weighted capital adequacy ratio is 24,3% (Central Bank
regulation is 10%, Basle Committee standard is 8%)
• Current liquidity is above 72.8% (Central Bank requirement is 30%)
• 26 commercial banks in the country, received "stable“ rating from
leading international rating companies ( "Moody's", «Standard &
Poor’ s» and « Fitch ratings»)
GOOD PERFORMANCE OF CREDIT PORTFOLIO
• High quality and diversification of credits
• National Institute for Credit Information (NICI) – established as a
real-time database for credit histories networking and used by all
banks and bank branches
Fund for Reconstruction and Development
• Established in 2006 by the
Presidential Decree
•Charter capital 15 billion U.S.
Dollars
Main tasks:
-financing strategic investment
projects in key areas
- promotion of projects cofinancing by investors and financial
institutes
AREAS of FINANCING
I. Core sectors
•Oil & Gas
• Chemical and
Petrochemical
• Energy & Power
• Metals & Mining
• Transport &
Communications
II. Infrastructure projects
PROJECT FINANCING MECHANISM
UFRD
CO-FINANCING
BANKS
 Refinancing
Financial Institutions, Banks and
Investors
 Monitoring
 5 authorised banks
BORROWERS
Loans provided for designated
projects
PORTFOLIO STRUCTURE
Machinery: 3%
Mining: 9%
Transportation
& Infrastructure: 26%
Chemicals: 14%
Energy: 23%
Oil&Gas: 25%
Credit portfolio: over 71 projects at financing and project
development stages
PROJECT IMPLEMENTATION SCHEME
Dehkanabad Potash
Fertilizer Plant (2007)
Resources
Potash salt deposit
Tyubegatan
Co-Financing
Eximbank of China $42 mln.
EPC
International Contractors
UFRD $62 mln.
Uzkimyosanoat $22 mln.
Results
Export of 200 000 tons of potash fertilizers
1321 new jobs
Area infrastructure
Modern Technologies
Future
expansion to production of
600 000 tons
of potash fertilizers
2nd stage of project started
in 2011
PROJECT EXAMPLES
Description
Surgil Gas-chemical Complex
Building Gas and Petrochemical Complex on the Ustyurt Surgil
deposit with further field development
 The project's outcome is a significant expansion in the value-added
Transaction terms
Project
Surgil field GCC
Timetable
Announcement: 2009
Completion: 2015
Project Value
Over $ 4000 mln.
Originator
Uzbekneftegaz
Sponsors
JV – Kogas, Honam, Uzbekneftegaz and others
Financing
Co-financed by UFRD
chemical process industry in Uzbekistan and the increase in value of
a key natural resource. As a result, 3,373 KTPA of natural gas will be
processed into 387 KTPA of high-density polyethylene, 83 KTPA of
polypropylene, and 2,568 KTPA of methane-rich processed gas. The
project will boost long-term employment by adding approximately
3,500 direct jobs during construction and 1,090 during operations, in
addition to indirect employment opportunities.
 Uz-Kor Gas Chemical is a joint-venture company which is 50% owned
by Uzbekistan’s UNG and 50% by a consortium of Korean companies:
Honam Petrochemical Corporation (45% of the Korean consortium),
Korea Gas Corporation (45%), and STX Energy (10%). Uz-Kor Gas
Chemical was incorporated in Uzbekistan in May 2008 as a project
company to build, own, and operate the project.
 A consortium of foreign banks, including the Asian Development
Bank, the Export-Import Bank of Korea, China Development Bank and
others, are providing loans for a total of $2.54 billion for 16 years.
PROJECT EXAMPLES
Description
Uzbekistan GTL
Production of synthetic liquefied gas (GTL) on the base of methane
processing at Shurtan Gas-Chemical Complex
 Gas to liquids (GTL) is a refinery process to convert natural gas or
Transaction terms
Company
Uzbekistan GTL
Timetable
Announcement: 2009
Completion: 2015
Project Value
$2.73 bln.
Originator
Uzbekneftegaz
Production
40 000 bbl/d
Project Owners
Shareholding – Petronas, Sasol, Uzbekneftegaz
UFRD
Co-financier
other gaseous hydrocarbons into longer-chain hydrocarbons such as
gasoline or diesel fuel. Methane-rich gases are converted into
liquid synthetic fuels either via direct conversion or via syngas as
an intermediate, for example using the Fischer Tropsch or Mobil
processes.
 South African energy and chemicals group Sasol concluded a joint
venture (JV) agreement with Uzbekistan's national oil and gas
company, Uzbekneftegaz, as well as with Petronas, of Malaysia, for
the development of a new $2,7-billion gas-to-liquids (GTL) project.
 (GTL) plant, located 40 kilometers south of Qarshi in
Uzbekistan.This plant will be based on Sasol’s world leading GTL
technology and will have a capacity of 1.4 million metric tons per
year, a similar capacity of the Oryx GTL facility in Qatar
implemented by Technip, with following product slate: GTL diesel,
kerosene, naphtha and liquid petroleum gas.
 The plant, would tap into gas reserves of some 60-trillion cubic
feet (tcf), with a typical GTL plant requiring only 3,5 tcf.
 The facility could produce some of 1,4-million tons, or 40 000
bbl/d, of GTL diesel, kerosene, naphtha and liquefied petroleum
gas according to Sasol.
PROJECT EXAMPLES
Description
NAVOI CCPP
Navoi Thermal Power Plant Modernization Project
 The project considers construction of Combined Cycle Power Plant
478 MW capacity.
 The facility is being built at the Navoi Thermal Power Plant of State
Transaction terms
Project
NAVOI TPP
Timetable
Announcement: 2009
Completion: 2012
Project Value
€381 mln.
Originator
Uzbekenergo
Output
478 MW
Project Owner
Uzbekenergo
EPC
Initec Energia
Co-financing
UFRD €252.5 mln.
Joint Stock Company Uzbekenergo (SJSC Uzbekenergo), the authority
under which the power industry of Uzbekistan operates.
 The natural gas-fired CCGT power plant currently under construction
in Navoi City, the capital of Navoi Province, which is in southwestern
Uzbekistan and is one of the country’s largest industrial centers. The
economy of the Navoi region is currently enjoying a boom fueled by
production of natural resources, including oil, natural gas and
precious metals, as well as chemical fertilizer and other material
manufacturing.
 When completed, the new power generation system will supply
electricity and heat (hot water) to the Navoi Free Industrial
Economic Zone and thereby contribute to the development of
industry in the region.
 The CCGT power generation plant to be built in Navoi consists
primarily of one M701F gas turbine, one steam turbine, one heat
recovery steam generator and two generators. MHI will provide the
gas and steam turbines and Mitsubishi Electric Corporation will
supply the generators. INITEC Energia, an ACS Group company, will
be responsible for overall engineering of the facility and Calik Enerji
Sanayi ve Ticaret A.S., a Turkish construction company, will perform
civil engineering and installation work at the site. Mitsubishi
Corporation will handle the trade particulars.
OUR PARTNERS
- Asian Development Bank
- World Bank
- Japan International Cooperation Agency
- Qatar Investment Authority
- Islamic Development Bank
- State General Reserve Fund of Oman
- Korea Development Bank
- Korea Export-Import Bank
- International Petroleum Investment Company
- KSURE
- Malaysia Export-Import Bank
- China Development Bank
- The Export – Import Bank of China
- Kuwait Fund for Arab Economic Development
- Czech Export Bank
FUND FOR RECONSTRUCTION AND DEVELOPMENT
OF THE REPUBLIC OF UZBEKISTAN
 Tel: +998 71 2385648
 Fax: +998 71 234 0157
 101 Amir Temur Street
 Tashkent |Uzbekistan|100084
 [email protected]
 http://ufrd.uz

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