Eximbank of South Korea invests $1 bln into gas project of Korean companies in Uzbekistan

The Export-Import Bank of Korea on March 26th announced about the investment of $1 bln into the gas project of the Korean companies in Uzbekistan, Dow Jones agency reports.
8 Korean companies, including Korea Gas (036460.SE) and Honam Petrochemical (011170.SE) at the present time participate in the gas project of Uzbekistan (development of the Surgilsky deposit and the project of the construction of the plant) which will also be financed by Eximbank, the announcement of the State Bank of South Korea says, Regnum reports.
As it has already been reported, in August 2011 the construction of the Ustyurt gas chemicals complex costing $2.6 bln  on the basis of the Surgil gas deposit started in Uzbekistan. In the framework of the signed on August 23rd 2011 contract the Korean companies will develop the Surgil gas deposit located near the Aral Sea, and the construction companies Samsung Engineering Co. Ltd., GS Engineering & Construction Corp. and Hyundai Engineering Co. will construct the Ustyurt gas chemicals complex. In February 2008 Uzbekneftegas and the Korean consortium of Kogas, Lotte Daesan Petrochemical Corp. replaced in 2009 by Honam Petrochemical, LG International Corp., SK Gas and STX Energy founded on the parity basis a JV UzKorGasChemical to realize the project of the construction of the Ustyurt gas chemicals complex on the basis of the Surgil deposit. In 2009 Samsung Engineering, Korea, and UzLITIneftegas developed the rules of the technical maintenance of the technological part of the project presupposing the construction of the gas chemicals complex with processing of 4.5 bln cubic meters of gas and the production of 400 thousand tons of polyethylene and 100 thousand tons of polypropylene a year. Uzbekneftegas develops the Surgil deposit by itself, providing the annual gas production of 3 bln cubic meters by the moment of the launch of the Ustyurt gas chemicals complex. Another 1.5 bln cubic meters of gas will be supplied to the gas chemicals complex from other deposits of the Ustyurt region. The Surgil deposit was explored in March 2006 and at the present time is being developed by Uzbekneftegas. Its reserves, according to the Uzbek party, make up about 120 bln cubic meters of gas. 

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Translated by Galiya Musabekova