Tashkent, Uzbekistan (UzDaily.com) - The Ministry of Energy of the Republic of Uzbekistan, the Korean Energy Agency (KEA) and the Korean company SK Engineering & Construction (SK E&C) signed a Memorandum of Understanding to develop a feasibility study for the modernization project of the Mubarek Thermal Power Station.

The signing took place as part of the participation of the delegation of Uzbekistan in the eighth International Conference on Renewable Energy in Seoul (KIREC 2019).

According to the terms of the Memorandum, following the approval of the feasibility study of the project and the audit, the Korean side is ready to carry out development, investment and financing, as well as to consider the possibility of managing the Mubarek TPS on a public-private partnership.

SK E&C is part of SK Group, which is the third largest company in the Republic of Korea (after Samsung and LG Group) with an annual turnover of more than 213 billion US dollars and a net profit of 23.8 billion US dollars by the end of 2018, reports Press Service of the Ministry of Energy of the Republic of Uzbekistan.

The Ministry of Energy within the framework of the Concept of fuel and energy support of the country until 2030 provides a set of measures for the construction of large renewable energy facilities, nuclear power plants, new energy-efficient combined cycle plants, as well as the modernization of existing facilities.

As a result, the energy sector of Uzbekistan will have a diversification of generating capacities, increased energy conservation, and energy security of the country, including through an increase in electricity generation by almost 93% compared to 2018 (up to 121 billion kWh).