Uzbekneftegaz and Mitsubishi Corporation discuss development of cooperation; ADB revised GDP growth forecast from 5.5% to 4.9% for Uzbekistan due to UZS devaluation; China Construction Engineering Design Group has started work on the development of the general plan of Samarkand; French company SUEZ is considering the possibility of implementing projects in the sphere of waste processing in Tashkent; UKEF intends to participate in projects of Uzbekneftegaz
Uzbekneftegaz and Mitsubishi Corporation discussed development of cooperation
On 25 September 2018, Acting Chairman of the Board of Uzbekneftegaz Bahrom Ashrafkhanov and Senior Vice President, Deputy Regional Executive Director of Mitsubishi Corporation Kazuo Inada held a meeting in Tashkent.
During the meeting Bahrom Ashrafkhanov said that the compressor equipment Mitsubishi Corporation has been successfully operated at the Shurtan gas chemical complex for about 20 years, and taking into account the reliability and high performance characteristics of the equipment of this company, the issue of supplying compressor equipment within the framework of the GTL project is being worked out.
Uzbekneftegaz acquainted the Japanese partners with the work carried out jointly with the consulting company Boston Consulting Group on development of the Concept for the Development of the Oil and Gas Industry until 2030, which envisages implementation of investment projects for deep processing of natural gas. Following the meeting, the parties agreed on establishment of a joint working group to develop concrete proposals for cooperation in the oil and gas sector.
ADB revised GDP growth forecast from 5.5% to 4.9% for Uzbekistan due to UZS devaluation
According to the report of the organization published on September 26, the specialists of the Asian Development Bank have revised their forecast for Uzbekistan.
The organization now believes that Uzbekistan’s GDP growth in 2018 will not be 5.5%, as it was announced in the spring, but now it is expected to be 4.9%. The main reason for the decline is the protracted consequences of last year’s devaluation of the Uzbek Sum. The ADB aldo revised the forecast for 2019, reducing it from 5.6% to 5%.
As for inflation, the forecast has not changed – the ADB believes that inflation in Uzbekistan will be 16% in 2018 and 14% in 2019.
China Construction Engineering Design Group has started work on the development of the general plan of Samarkand
Soong Xiaolong, Vice President of the China Construction Engineering Design Group Corporation, arrived in Samarkand to personally inspect and study all the nuances of work on the development of the city’s master plan and the tourist zone Samarkand city.
The contract between the Chinese company and the National Bank of Uzbekistan was signed in August this year. In addition, in July the bank signed a memorandum of understanding on the construction of Samarkand city with the Chinese Silk Road Fund.
Within the framework of the contract, it is planned to develop the concept of the general plan of Samarkand, the tourist zone of Samarkand city and the organization of the town-planning space allowing for facilities for the Shanghai Cooperation Organization (SCO). The very meeting of the SCO will be held in Samarkand in 2022.
French company SUEZ is considering the possibility of implementing projects in the sphere of waste processing in Tashkent
Representatives of SUEZ held a presentation of their activities in the Tashkent city administration on September 27, after which the participants discussed issues related to water treatment and processing of domestic, industrial and construction waste. The meeting participants considered the possibility of implementing specific projects.
The French company SUEZ has more than 160 years of history and operates on five continents of the world in the field of efficient use of resources, including the processing of solid biological waste.
To date, there are 186 dumps in the country, where 33.4 million tons of garbage are located. According to forecasts of experts, annually accumulated volume of solid domestic waste in Uzbekistan by 2030 will reach approximately 7 million tons. If appropriate measures are not undertaken, then the number of garbage polygons will double.
UKEF intends to participate in projects of Uzbekneftegaz
Chief Executive Officer of the British Export Finance Agency (UKEF), Mr. Louis Taylor, held talks at Uzbekneftegaz. Fund for Reconstruction and Development of the Republic of Uzbekistan, Uzbekneftegaz and the British Export Finance Agency (UKEF) signed a Memorandum on the financing of investment projects in the oil and gas industry in Uzbekistan worth 1.25 billion pounds.
The signing took place in April 2018 in the capital of Great Britain, the city of London, within the framework of the first British-Uzbek energy forum.
The current meeting is aimed at discussing concrete steps for the participation of UKEF in financing investment projects implemented by Uzbekneftegaz, the Uzbek company’s press service said. In addition, representatives of the UKEF have been offered a broader participation in the implementation of investment projects – not only financing, but also the search for British suppliers of the most modern necessary equipment and services.