CDB and China Eximbank pledge support for the Jizzakh Oil Refinery Project

In 2017, China Development Bank and the Export-Import Bank of China signed a framework agreement with Jizzakh Petroleum JV LLC -- a joint venture of JSC Uzbekneftegaz and Gas Project Development Central Asia (a subsidiary of Gazprom International) -- to express their interest in financing the Jizzakh Oil Refinery Project. It was envisaged that this project would be cofinanced by Gazprombank of Russia and BELVOR Holdings Ltd of Cyprus. However, it is unkown if China Eximbank and China Development Bank followed up on their pledge by providing debt financing for this project. The Jizzakh Oil Refinery Project involves the construction of an oil refinery complex in Zafarabad district and Jizzakh region capable of processing 5 million tons per year of crude oil to produce clean-burning gasoline, diesel and jet fuel. The total estimated cost of the project is $2.2 billion USD. Enter Engineering Pte. Ltd. of Russia, Amec Foster Wheeler PLC of the UK, and Hyundai Engineering Co. Ltd. of South Korea are the contractors responsible for project implementation. Construction began in April 2017. However, the project was suspended in December 2018. If and when the refinery is completed, it is expected to produce 3.7 million tpy of motor fuel conforming to Euro 5-quality specifications, as well as 700,000 tpy of aviation fuel and 300,000 tpy of other finished products.

Number of official sources

2

Number of total sources

16