The press service said that chairperson of the State Tax Committee of Uzbekistan Botri Parpiev received the delegation of KOGAS led by its President and Chief Executive Officer Choo Kang-Soo.

The sides discussed tax preferences and privileges for foreign investors and main aspects of investment climate in Uzbekistan.

South Korea’s KOGAS is participating in several projects of Uzbekistan. In particular, KOGAS is participating in project on construction of Ustyurt Gas-Chemical Complex on the base of Surgil field.

Korean company also participated in the project on conducting exploration works at Uzunkui-Tuarkyr investment block of Ustyurt region and in the project on production of gas container plant.

In Febraury 2008, the Korean consortium led by Korean Gas Corporation (KOGAS) and Uzbekneftegaz national holding company signed constituent documents on creation of UzKorGasChemical with charter capital of US$600 million on an equal footing to construct Ustyurt Gas-Chemical Complex. The cost of the project is US$3.5 billion.

The Korean consortium includes KOGAS (17.5% share in the venture), Honam Petrochemical Corp (17.5%), LG International, SK Gaz and STX Energy (each 5% share).

According to the programme on priorities of industrial development of Uzbekistan for 2011-2015, the project will be financed due to foreign investments and loans for US$3 billion, own resources of Uzbekneftegaz – US$200 million and loan of Fund for Reconstruction and Development of Uzbekistan – US$300 million.

The capacity of Ustyurt Gas-Chemical Complex will make up 400,000 tonnes of polyethylene and 100,000 tonnes of polypropylene a year.