TASHKENT, Uzbekistan, September 8. Uzbek Gas Company agreed to repay $1 billion worth of debt for the supply of natural gas from Uzbekistan's Surgil field, Trend reports.
Uzbekistan’s Uztransgaz has been delaying payments to the Korean Uz-Kor since 2017. The Uzbekneftegaz subsidiary had to pay approximately $1 billion in debt for gas produced by the Uzbek-Kor Gas Chemical joint venture.
The delay in payments was justified by the fear of an increase in foreign currency shortages as well as the devaluation of the Uzbek soum.
Equal shares of 50 percent in the joint venture are owned by Uzbekneftegaz and a consortium of three South Korean companies: Lotte Chemical, GS E&R, and state-owned Kogas. As per data provided by the company, 3 billion cubic meters are produced annually in the field.