The sides signed a framework agreement on creation of the joint venture with the cost of US$250 million. Within the projects, the sides are planning to build capacities on production of liquefied natural gas at the volume of up to 600 million cubic meters a year.

The main part of liquefied natural gas will be exported to neighboring states of the region and China. The plant will be constructed in four years.

It is expected that the sides will sign constituent documents on creation of the joint venture on parity in the first half of 2012.

It is planned that the project will be financed due to loans of the Chinese banks and own resources of the venture founders.