During the meeting, the sides noted importance of the project, which was named as Oltin yo’l GTL, for development of energy sector of Uzbekistan.

Uzbekneftegaz, South Africa’s Sasol and Malaysia’s Petronas are implementing a project in Kashkadarya region, which will produce 38,000 tonnes of synthetic liquid fuel from gas (1.5 million tonnes a year).

Uzbekistan GTL will become the third plant on production of synthetic liquid fuel from gas in the world.

As reported earlier, Uzbekneftegaz national holding company, Petronas and Sasol Synfuels International (PTY) Limited signed charter and constituent agreement of joint venture Uzbekistan GTL in November 2009. The preliminary project cost is US$4 billion.

In line with preliminary feasibility study, the plant will process 3.5 billion cubic meters of gas and produce 672,000 tonnes of diesel fuel, 278,000 tonnes of aviation kerosene, 361,000 tonnes of naphtha and 63,000 tonnes of liquefied gas. However, Uzbekneftegaz said that designed capacity of the plant will be increased up to 1.468 million tonnes a year

The project will be financed due to own resources of the venture's founders, consortium of banks and financial institutions, which issue loans on project financing terms.