KOGAS to invest US$22m in exploration in Uzbekistan

Tashkent, Uzbekistan (UzDaily.com) -- South Korean’s KOGAS is planning to invest US$22 million in geological exploration in Uzbekistan’s Ustyurt region by 2011, Interfax reported.

KOGAS is investing in the hydrocarbon-rich region under an agreement signed with Uzbek state-owned oil and gas firm Uzbekneftegaz in 2008 to study the Uzunkui-Tuaryk section of the Ustyurt region.

Uzbekneftegaz and KOGAS, together with a consortium of South Korean companies including Daesan Petrochemical Corp., LG International Corp., SK Gas Co., and STX Energy, are also planning to build a gas-chemical complex in Ustyurt at an estimated cost of US$2.4 billion.

The preliminary design for the complex envisions processing capacity for 400,000 tonnes of polyethylene and 100,000 tonnes of polypropylene a year.