Ustyurt Gas Chemical Complex to produce its first products in summer

The session said that construction of Ustyurt Gas Chemical Complex, which will become important object for economy, is continuing. It is expected that the plant will manufacture its first products in July-August 2015.

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), Honam Petrochemical 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.

Asian Development Bank, leading European and Asian commercial banks like Korean Financial Corporation, Korean Development Bank, ING Bank, Siemens Bank, Credit Suisse, Bayern LB, KfW IPEX, Nordea and Swedish bank SEK, as well as insurance companies are participating in the financing of the project.