Uzbekneftegaz and GS E&C to implement joint project

Under the memorandum of understanding (MOU) with Uzbekneftegaz, the South Korean builder will help set up a production unit to make olefin, used in making plastic materials.

GS E&C will form a consortium with other South Korean investors to cover 50% of the project cost, while the remaining share will be held by the Uzbek gas company.

The two firms are currently negotiating the final cost and production capacity of the olefin facility, GS E&C said.

The MOU was signed within the state visit of the President of Uzbekistan Islam Karimov to South Korea.