Korean companies have started the construction of a gas chemicals complex in Uzbekistan
Samsung Engineering, GS Engineering and Hyundai Engineering (Korea) have started the active stage of the construction of the technological part of the Ustyurt gas chemicals complex in the North-West of Uzbekistan.
The construction of the technological part has started, the assembly of the equipment is held, the Uzbek party is constructing the infrastructure, the works are held in conformity with the approved schedule.
In February 2008, Uzbekneftegas and the Korean consortium Kor-Uz Gas Chemical Investment founded on the parity basis a JV Uz-Kor Gas Chemical to realize the project of the construction of the Ustyurt gas chemicals complex (GCC) at the Surgil deposit. The structure of the consortium of the Korean companies at the present time comprises Kogas, Honam and STX Energy.
In conformity with the technical and economic assessment of the project, the GCC will annually process 4.5 bln cubic meters of natural gas and produce up to 4 bln cubic meters of saleable gas, 400 thousand tons of polyethylene of various consistency, 100 thousand tons of polypropylene and about 100 thousand tons of pyrolysis fuel. The technical and economic assessment of the project was prepared by CMAI (Singapore). The construction period is 38 months.
In August 2011 Samsung Engineering, GS Engineering, Hyundai Engineering and Kogas signed separate contracts with Uzbekneftegas and Uz-Kor Gas Chemical for engineering, equipment supply and construction of the Ustyurt GCC with the total cost of $2.6 bln. It is planned to start the construction of the 2nd stage in 2012.
The financing of the project of $4.16 bln value is held by means of loans of the consortium of foreign financial institutions at the amount of $2.5 bln, funds of the founders of JV Uz-Kor Gas Chemical - $1.41 bln and a loan issued by the Reconstruction and Development Fund of Uzbekistan - $100 mln.
The raw materials basis of the project is the Surgil, East Berdakh-Uchsai and North Berdakh deposits. The most largest of them is the Surgil which was discovered a bit more than 2 years ago and is developed by Uzbekneftegas. Its reserves make up about 120 bln cubic meters of gas.
http://newskaz.ru/economy/20120920/3983158.html
Translated by Galiya Musabekova
