SACE signs agreement with Saneg for methanol-to-olefin gas chemical complex
Published by Bella Weetch,
Editorial Assistant
Hydrocarbon Engineering,
Italy’s State Export Credit Agency (SACE) has signed a financial memorandum with Uzbekistan’s largest oil company, Saneg, concerning an innovative methanol-to-olefin gas chemical complex (GCC MTO), that is currently under construction in the Bukhara region of Uzbekistan.
The memorandum establishes a framework for future agreements between Uzbekistani and Italian counterparts concerning additional financing and insurance provisions for the development of GCC MTO, which is owned by Saneg.
Italian companies are already deeply involved in construction of the GCC MTO. The Italian branch of John Wood Group Plc provided a configuration study and FEED, while Versalis is a licensor of the project’s LDPE/EVA unit.
Masrur Shakirov, General Director of GCC MTO, said: “Italian financial and technical support have been crucial to the development of this facility from the very beginning. The new memorandum confirms Italy’s ongoing commitment to supporting GCC MTO, while providing substantial new credit facilities to Saneg from Italian financial institutions.”
This is the second major agreement recently finalised concerning GCC MTO. On 25 May 2023, Gas Chemical Complex MTO Central Asia LLC signed an industrial gas processing agreement with Air Products to build a methanol production facility. Known as Methanol Island, the facility would have capacity of 1.34 million tpy, as part of the GCC MTO complex.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/13062023/sace-signs-agreement-with-saneg-for-methanol-to-olefin-gas-chemical-complex/
You might also like
Hydrocarbon Engineering Podcast
Mike Logue, Owens Corning Global Business Director – Mechanical Insulation, delves into factors that can support the performance, safety and longevity of insulating systems installed in hydrocarbon processing environments, including cryogenic facilities.
Advario and Braskem Idesa inaugurate US$500 million ethane storage terminal in Veracruz, Mexico
Developed as a 50 - 50 partnership between the two companies, the terminal marks a major milestone in Mexico’s energy and petrochemical infrastructure.
