Uzbekistan, Korea to build gas chemical complex

Jun 01, 2015 12:00 AM

South Korean GS Engineering & Construction and Uzbekistan’s National Holding Company Uzbekneftegaz will jointly construct a gas chemical complex worth $4.5 billion in Uzbekistan.

This was noted in a memorandum of understanding signed during Uzbek President Islam Karimov's state visit to South Korea on May 27-29, a source in Uzbekistan’s government circles told Trend.

The project envisages the creation of capacities for the production of olefins from methanol.

GS Engineering & Construction is one of the general contractors for the construction of the Ustyurt Gas Chemical Complex at Uzbekistan’s Surgil field.

This is the first official visit of Islam Karimov abroad since his reelection to the presidency in March election.

President Karimov’s visit to South Korea is perceived as a logical and natural continuation of high level ties, showing mutual political will to give more dynamism to practical collaboration in all cooperation areas.

Uzbekistan is South Korea's largest trading partner in Central Asia. A large diaspora of ethnic Koreans in the region lives here.

Trade-economic and investment cooperation have been steadily developing between Uzbekistan and Korea. The two countries have established the most-favored-nation regime in the sphere of economy.

In 2014, the trade turnover volume between the two countries amounted to $1.9 billion.

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