S.Korea state-firms to finance Uzbek Surgil project
11/05/2009 14:49
S.Korea state-firms to finance Uzbek Surgil project
11/05/2009 14:49
Tashkent, Uzbekistan (UzDaily.com) -- Two South Korean state-run companies will provide financial support for a project to build a chemicals plant in Uzbekistan and develop a gas field near the Aral Sea, and in return secure the reserves from the field, South Korea’s Presidential Office said on Monday.
Under a memorandum of understanding, Korea’s Import-Export Bank and Korea Export Insurance Corp will provide financial support, although the amount was not disclosed.
The deal came during a bilateral meeting between South Korean President Lee Myung-bak and his Uzbek counterpart Islam Karimov, the Presidential Office said in a statement. Lee is on a trip to energy-rich Uzbekistan and Kazakhstan from 10-14 May to secure foreign energy reserves.
The Surgil gas field holds an estimated 4.7 trillion cubic feet of natural gas. Last year, the two countries launched a 50:50 joint venture, Uz-Kor Gas Chemical, to secure financing for the US$3 billion project.
Separately, state-run Korea National Oil Corp (KNOC) secured complete exploration rights to two oil and gas fields in Uzbekistan -- the Namangan-Tergachi and Chust-Pap blocks, estimated to hold 67 million barrels of crude.
South Korea, Asia’s fourth-largest economy, is the world’s fifth-largest crude oil importer, buying up to 900 million barrels of crude per year, mostly from the Middle Eastern market.
Lee will be in Kazakhstan from 12-14 May, where he will discuss the construction of a thermal power plant and a joint exploration of the Zhambyl block on the coast of the Caspian Sea.
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