South Korean company to conduct gas exploration in one of Uzbek blocks

Business Materials 20 April 2019 12:19 (UTC +04:00)

Baku, Azerbaijan, Apr. 20

By Fakhri Vakilov – Trend:

South Korean Posco International intends to conduct geological exploration at one of the investment blocks in Uzbekistan, Trend reports with reference to the Ministry of Energy of Uzbekistan.

"Posco International has requested a new unit for geological exploration at potential natural gas fields. The Korean side also expressed its readiness to assist in the training of qualified personnel and organizing advanced training programs for specialists working in the fuel and energy sector of Uzbekistan," a representative of the Ministry of Energy said.

In addition, Posco International, alongside with Kepco and Hyundai, two other Korean companies, has expressed interest in cooperating in developing potential projects through the creation of a consortium.

The representative of the Ministry informed that a memorandum on cooperation in the energy sector was signed in Tashkent on April 19, 2019, during the Uzbek-Korean business forum. The parties agreed to set up a joint working group to develop and implement, among others, projects for the construction of combined cycle plant, modernization of applicable automatic control systems and data collection (SCADA), power management systems (EMS) and introduction of relevant modern information technologies.

Business Forum was held within the visit of South Korean President Moon Jae-In to Uzbekistan. More than 150 Korean companies participated in the event. The two main agreements signed included the transfer of the Angren economic zone to the management of the Korean Incheon free economic zone and the establishment of the production of marketable drugs in the Bustonlik Farm industrial zone.

Posco Daewoo is also engaged in the construction of high-tech South Korean quarter Delta city in the very center of Tashkent. Its total value exceeds $1.4 billion.

POSCO was launched on April 1, 1968 with the national mission of industrialization. As the first integrated steel mill in Korea, it has grown to produce 41 million tons of crude steel a year and conducts various global businesses including production and sales in 53 countries around the world. POSCO, the most competitive steel maker in the world, has contributed to global development through innovation and technology development.

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