Uzbek president becomes familiar with process of construction of Ustyurt GCC

Photo: Uzbek president becomes familiar with process of construction of Ustyurt GCC / Uzbekistan

Tashkent, Uzbekistan, April 28

By Demir Azizov- Trend:

Uzbek President Islam Karimov has visited Karakalpakstan to become familiar with the process of construction of the Ustyurt gas-chemical complex (GCC), the country's UzA news agency reported.

Construction of the Ustyurt GCC at Surgil field, began in 2012. The total cost of the project is $3.9 billion. The project envisages the development of the Surgil large gas condensate field, construction of plants for natural gas separation, cracking and production of finished products. The project is expected to be completed by early 2016.

The complex will enable processing some 4.5 billion cubic meters of natural gas with production of around 3.7 billion cubic meters of marketable gas, 387,000 tonnes of polyethylene, 83,000 tonnes of polypropylene, 102,000 tonnes of pyrolysis gasoline and other products.

The project is financed with direct investments of the founders of the Uz-Kor Gaz Chemical joint venture (JV), as well as with over $2.5 billion worth of loans.

Uz-Kor Gaz Chemical JV was created on a parity basis in 2008 for implementing the project worth some $1.4 billion.

The JV was founded by the consortium of the South Korean companies (Коgаs, Lotte Сhemical, STX Energy) and Uzbekneftegas national holding company.

The project is also financed by the Asian Development Bank, Korea Development Bank, Korea Finance Corporation (the Republic of Korea), China Development Bank (China), ING (the Netherlands), Hermes, KfW, Bayern LB, Siemens Bank (Germany), Credit Suisse (Switzerland), EKN, Nordea , SEC (Sweden), as well as import and export agencies of South Korea, Germany and Sweden. These agencies provide the banks participating in the project, with insurance coverage.

Translated by L.Z.

Edited by C.N.

Follow us on Twitter @TRENDNewsAgency