Lotte: Construction of Ustyurt Gas Chemical Complex completed
Tashkent, Uzbekistan (UzDaily.com) --
Lotte Chemical, the chemical affiliate of Lotte Group, has completed construction of the Ustyurt Gas Chemical Complex on the base of Surgil field in Uzbekistan.
“The completion of the gas chemical plant is a result of close cooperation between the governments of Korea and Uzbekistan and private companies. This plant is the biggest in size in the Eurasia region built by a Korean chemical firm,” Lotte Chemical CEO Huh Soo-young said at a press conference on Thurday.
The plant is the result of an investment of some US$3.89 billion, Lotte said. The plant will be operational from January, Huh said.
“Chemical products to be produced from the facilities will be exported to countries in Europe, Central Asia, Russia and North Africa,” Huh said.
Uz-Kor Gas Chemical was founded by Uzbek and Korean companies in May 2008 to develop, finance, construct and exploitation of integrated gas and oil processing project in Ustyurt region of Uzbekistan.
Uzbekneftegaz owns 50% stake in the joint venture, while Uz-Kor Gas Chemical Investment holds 50% share. Korea Gas Corporation (KOGAS), Lotte Chemicals and STX Energy are Korean founders of the venture.
The cost of the project is US$4.16 billion. The project participants will allocate US$1.4 billion and attract US$2.5 billion from financial institutions to implement the project.
Ustyurt Gas Chemical Complex will ensure processing of 4.5 billion cubic meters of gas and produce 3.7 billion tank gas, 387,000 polyethylene and 83,000 tonnes of polypropylene, as well as 102,000 tonnes of pyrolized petroleum and other products.