Completion of Ustyurt Gas Chemical Complex (GCC) construction in Uzbekistan is scheduled for September 2015, Korean Ambassador to Uzbekistan Lee Wook-heon said in an interview with the Uzbek National News Agency (UzA).
He said that the joint construction of Ustyurt GCC on the base of the Surgil field worth $4 billion is one example of fruitful Uzbek-Korean cooperation.
As previously reported, in February 2008 Uzbekneftegaz and a consortium of Korean companies Kor-Uz Gas Chemical Investment established on a parity basis JV Uz-Kor GasChemical for the project for the construction of Ustyurt GCC on the Surgil field. The consortium of Korean companies currently includes Kogas, Honam, and STX Energy.
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 is financed through the investments of founders of the joint venture and credit resources of commercial banks in Asia, Europe and Uzbekistan in the amount of $2.54 billion.
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