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The "Uzbekneftegas" National Holding Company and Korean KOGAS intend in 2007 to set up a joint venture for constructing a gas chemical complex worth around US$ 1 billion in Ustyurt.
The Head of Foreign Economic Relations and Investment Agency of "Uzbekneftegas" Umidjon Isroilov informed the UT that "we expect to sign agreements to set up a joint venture in 2007". The "Uzbekneftegas" has developed a preliminary technical and economic validity project that is appraised in ministries and agencies of Uzbekistan.
According to prelaminary estimates the capacity of the gas chemical complex is expected to be 362 thousand tons of polyethylene and 83 thousand tons of polypropylene a year. It will process gas from the Surgil deposit containing ethane. Valuable products will be extracted from gas and then the refined gas will be transmitted to gas transportation system and sold for export. The Uzbek policy on developing the oil and gas sector allows the country to increase output of high-quality brands of gasoline, liquified gas, polypropilene that is a new product of Uzbek petrochemical industry and increasingly demanded in the world.
The project is financed using Uzbek and Korean sides' own funds and foreign credits. The construction of this gas chemical complex is expected to begin in 2008 and end in 2010.
It is the second gas chemical complex to be constructed in Uzbekistan. The Shurtan gas chemical complex was launched in 2001. Its technology designed for producing 150 types of polyethylene of high, medium and low-pressure casting. In March of 2005 the "Uzbekneftegas" and KOGAS signed an agreement to cooperate in prospecting and developing natural gas deposits in Uzbekistan. According to the agreement, the two companies are jointly prospecting natural gas deposits in Uzunkuy-Tuarik investment units.
The Surgil deposit was discovered not more than two years ago and now it is developed by the "Uzbekneftegas". The Ustyurt oil and gas region is a largest one in Uzbekistan. In recent years around 30 oil and gas deposits have been discovered here such as Karajanbas, North Buzachi and Kalampas.
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Date: May 29, 2007
Source: Uzbekistan Today |
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