New cycle in the development SGCC Upgrade Project

On May 18, 2022, within the framework of the 24th  "Oil and Gas of Uzbekistan - OGU 2022” International Exhibition, a trilateral agreement was signed under Shurtan Gas Chemical Complex upgrade project, between Enter Engineering Pte. Ltd., the European general exporter Jebsen & Jessen Industrial Solutions and the project customer Shurtan GCC LLC.

Jebsen & Jessen Industrial Solutions was chosen by the project customer as the general exporter for fund-raising by European banks under insurance coverage from export credit agencies (ECA). They specialize in providing financial solutions, transport, e-mobility, metal sectors. The company's annual turnover is more than 3 billion Euro. Jebsen & Jessen has extensive experience in structuring export finance transactions and has completed over 100 projects involving export credit agencies.

It should be noted that since November 2021, Enter Engineering Pte. Ltd. has begun preparation of the European content, elaboration of future agreements with terms that would meet the requirements of ECA and interests of Enter Engineering.

As a result of long-term joint work with the general exporter, the supply volume was determined in the amount of $530 million, which is supposed to be financed with participation of Germany, Italy and France ECA. The primary objectives of Jebsen & Jessen within the agreement with Enter Engineering are preparation of the financing structure,  arranging of ECA insurance coverage and aggregation of supply contracts financed by European banks. Successful signing of the agreements will bring funding from European banks such as Deutsche Bank AG, Landesbank Hessen-Thüringen Girozentrale, Landesbank Baden-Württemberg and Unicredit Bank AG, which is necessary for purchasing and supply of major equipment.

In the course of  signing the agreement, the First Deputy Chairman of the Board of JSC "Uzbekneftegaz" Mr. Sh. Alirizaev, acting First Deputy Chairman of the Board for Transformation of Uzbekneftegaz JSC Mr. B. Usmanov and Director of UNG-2 Directorate of Enter Engineering Mr. B. Umarov, held talks with members of Jebsen & Jessen delegation, headed by the Managing Partner of Jebsen & Jessen Industrial Solutions and CFO of Jebsen & Jessen Hamburg Group Mr. Ralf Schfarzhaupt. The parties expressed satisfaction with the achieved result and readiness to provide comprehensive support for further cooperation.