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Uzbek state energy company seals $2.5 billion plant deal

Posted on: Fri, 06 Nov 2009 22:51:00 EST

Symbols: SSL

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TASHKENT, Nov 06, 2009 (Asia Pulse Data Source via COMTEX) --
SSL | Quote | Chart | News | PowerRating -- Uzbekistan's state energy company has signed a $2.5 billion deal to create a joint venture with Malaysia's Petronas and South Africa's Sasol to build a synthetic liquid fuel production plant, the state company announced on 6 November.

Uzbekneftegaz said the three companies will take equal stakes in the venture, which will be based in the Central Asian nation. In an industrial process developed by Sasol, the facility will convert natural gas into liquid fuel.

Uzbekistan has large gas reserves, but sells most of it within the country at low prices. Diversifying its output of energy commodities will help it boost revenue from exports.

The plant is expected to produce around 1.3 million tons of clean-burning diesel fuel annually once completed, Forbes reported.

The agreement comes amid a drive by Uzbekneftegaz to attract foreign investors to help boost technical expertise and develop new energy technologies.

For full details on Sasol Limited ADR (SSL) SSL. Sasol Limited ADR (SSL) has Short Term PowerRatings at TradingMarkets. Details on Sasol Limited ADR (SSL) Short Term PowerRatings is available at This Link.

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