Gas
Condor secures financing for Central Asian gas projects
Condor Energies has raised C$71.5 million to fund compression infrastructure in Uzbekistan and a modular LNG plant in Kazakhstan.
Key points
- Financing raised through public and private placement of convertible debentures.
- Uzbekistan project targets field booster compression at the Kumli field.
- Kazakhstan development focuses on a modular LNG facility in Saryozek.
Project financing
Pipeline and Gas Journal reported that Condor Energies Inc. successfully closed a C$71.5 million financing round on October 15. The capital was secured through a public offering and a concurrent private placement of 12 percent unsecured convertible debentures maturing in October 2029. The funds will support ongoing developments in Central Asia, general corporate needs, and working capital.
Uzbekistan operations
In Uzbekistan, the firm is addressing gathering-system pressure challenges at the Kumli field, where successful horizontal drilling increased output. To prevent higher pipeline pressures from restricting legacy wells, Condor awarded a contract for a 1,200-kW booster compressor. Engineering work is underway for the estimated $25.3 million project, with commissioning expected in the second quarter of 2027.
Kazakhstan LNG facility
Meanwhile, the company is advancing its first modular liquefied natural gas facility in Saryozek, Kazakhstan. Fabrication of the initial liquefaction unit, designed for a daily output of about 48,000 gallons, is complete and undergoing testing. Commercial operations are slated to begin in the second quarter of 2027, targeting sectors such as rail, mining, and trucking.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Gas is the flexible backbone of many grids and the designated transition fuel in many national plans, from LNG trade to domestic LPG and CNG. Supply security and pricing drive both power reliability and emissions.
76.3% of electricity in Uzbekistan came from gas in 2024Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
