Reports presentation meeting held by the Deputy General Director for Economics and Finance with employees of Beineu-Shymkent Gas Pipeline LLP structural subdivision
On June 23, 2016 Mr. S. Shabdukarimov, Deputy General Director for Economics and Finance held a meeting with employees of structural subdivision.
Mr. S. Shabdukarimov in his speech pointed out the main technical and economical indexes of Beineu-Shymkent Gas Pipeline LLP for January-May 2016. Within the period of January-May 2016 increase of the net income can be pointed out by 12, 718, 152 thous. KZT.
Due to shifting of the Project realization dates in the middle of 2014 related to delay of EPC contract signing by Contractual companies, as well as due to the occurred adjustment of the national currency KZT to US Dollar and destabilization of the political environment in Ukraine resulted in violation of pipes delivery dates, the syndicate of banks China Development Bank Corporation and Bank of China Limited suspended project financing for the 1st and 2d phases of the construction.
On February 5, 2016 amendments to the Facility agreement dated December 11, 2012 came into effect with the purpose to resume debt financing for the Project Phase 1, as per which the new final date of the Project Phase 1 completion is June 30, 2017. Taking into consideration these changes, financing of the Project Phase 1 was resumed in May 2016.
To avoid funds deficit, aiming provision of the Project Phase 2 realization, KazTransGas JSC provided financial aid to the Partnership to the total amount of 68.4 bln KZT, which return is planned upon resumption of the financing for the Project Phase 2.
Mr. S. Shabdukarimov in his speech specified the main labor vectors for 2016: work performance for financing of the Phase 2 with consideration of decisions on Karaozek CS, work performance on signing of «Ship-or-pay» agreement, on placement of cash on deposits and performance of the efficient currency-exchange operations.
To summarize the meeting, Mr. S. Shabdukarimov, Deputy General Director for Economics and Finance thanked everybody for the honest job in 2016 and wished success.