Tashkent, Uzbekistan, Oct.15
By Demir Azizov- Trend:
The Uzbek-Korean joint venture Uz-Kor Gas Chemical has finished construction of the Ustyurt gas chemical complex worth $4.16 billion, the Uzbekneftegaz National Holding Company told Trend Oct.15.
The construction has been completed, the first production took place, and the official launch of the enterprise is scheduled for late October, according to the source.
As previously reported, in February 2008 Uzbekneftegaz and a consortium of Korean companies Kor-Uz Gas Chemical Investment established Uz-Kor GasChemical JV on a parity basis for the Ustyurt GCC construction project on the Surgil field. The consortium of Korean companies currently includes Kogas, Honam, and STX Energy.
General contractors of the project are the Korean Samsung Engineering, GS Engineering and Hyundai Engineering. The construction began in 2012.
The complex will annually process 4.5 billion cubic meters of natural gas and produce up to 4 billion cubic meters of marketable gas, 387,000 metric tons of polyethylene, 83,000 metric tons polypropylene and 102,000 metric tons of pyrolysis gasoline.
The project worth $4.16 billion is financed through loans of commercial banks in Asia, Europe and Uzbekistan in the amount of $2.54 billion, the equity of the joint venture founders - $1.41 billion and a loan of the Reconstruction and Development Fund of Uzbekistan in the amount of $100 million.
Edited by CN