Construction of Ustyurt GCC to be completed in September – South Korean envoy
05/08/2015 14:47
Construction of Ustyurt GCC to be completed in September – South Korean envoy
05/08/2015 14:47
Tashkent, Uzbekistan (UzDaily.com) -- Construction of Ustyurt Gas Chemical Complex (GCC) will be completed in September 2015, UzA reported quoting Ambassador of South Korea to Uzbekistan Lee Wook-heon.
South Korean Ambassador said that one of fruitful cooperation between two states are energy and right natural resources of Uzbekistan, which are united with advanced technological, capital, rich experience and know-how of South Korea and it creates so called synergy effect.
Ambassador underlined that one of such examples is joint construction of the Ustyurt GCC on the base of Surgil field with the cost of US$4 billion, completion of construction of which is scheduled for September 2015.
He also said that two states also implement such joint projects as construction of the plant on production of liquefied natural gas – Uzbekistan GTL, Kandym gas processing complex, Talimarjon thermal power plant and other projects related to the development and processing of energy resources.
Transport, logistics, information technologies, healthcare, education and other areas are also promising areas for developing cooperation between Uzbekistan and South Korea.
Uz-Kor Gas Chemical was founded by Uzbek and Korean companies in May 2008 to develop, finance, construct and exploitation of integrated gas and oil processing project in Ustyurt region of Uzbekistan.
Uzbekneftegaz owns 50% stake in the joint venture, while Uz-Kor Gas Chemical Investment holds 50% share. Korea Gas Corporation (KOGAS), Honam Petrochemical and STX Energy are Korean founders of the venture.
The cost of the project is US$4.16 billion. The project participants will allocate US$1.4 billion and attract US$2.5 billion from financial institutions to implement the project.
Ustyurt Gas Chemical Complex will ensure processing of 4.5 billion cubic meters of gas and produce 3.7 billion tank gas, 387,000 polyethylene and 83,000 tonnes of polypropylene, as well as 102,000 tonnes of pyrolized petroleum and other products.
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