Uzbekistan and Korea opened Ustyurt Gas Chemical Complex

Ustyurt Gas Chemical Complex (GCC) was commissioned on May 21 between Uzbekistan and South Korea.

Hwang Kyo-ahn, Prime Minister of the Republic of Korea paid an official visit to Uzbekistan to boost economic ties and cooperation.

He and his counterpart Shavkat Mirziyayev attended the opening ceremony of the complex.

Hwang Kyo-ahn  said, “It is a new model of cooperation which envisages transition from the export of raw materials to the joint production and export of products with high value-added taxes to foreign markets,” Trend reports.

According to Uzdaily.com, Ustyurt Gas Chemical Complex provides five plants on gas separation, production of ethylene, polyethylene, polypropylene, power generation and modern infrastructure facilities.

The current project was realized with the participation of Korea Gas Corporation (KOGAS), Lotte and STX Energy. Also Samsung Engineering, GS Engineering and Hyundai Engineering participated as general contractors.

Uz-Kor Gas Chemical was initiated by Uzbek and Korean companies in May 2008 to develop, finance, construct and exploitation of integrated gas and oil processing project in Ustyurt region. The cost of the project is US$4 billion. The project providers allocated US$1.4 billion and attracted US$2.5 billion to complete the project.

Ustyurt Gas Chemical Complex annually will process of 4.5 billion cubic meters of gas and 4 billion tank gas, 400,000 polyethylene and 100,000 tonnes of polypropylene, as well as 100,000 tonnes of pyrolized petroleum and other products, Uzdaily reported.