Ustyurt Gas Chemical Complex (GCC) will be commissioned on 21 May 2016 within the official visit of the Prime Minister of the Republic of Korea Hwang Kyo-ahn to Uzbekistan.
It is expected that the Prime Minister of the Republic of Korea Hwang Kyo-ahn and the Prime Minister of Uzbekistan Shavkat Mirziyayev will attend the opening ceremony.
Uz-Kor Gas Chemical was founded by Uzbek and Korean companies in May 2008 to develop, finance, construct and exploitation of integrated gas and oil processing project in Ustyurt region of Uzbekistan.
Uzbekneftegaz owns 50% stake in the joint venture, while Uz-Kor Gas Chemical Investment holds 50% share. Korea Gas Corporation (KOGAS), Honam Petrochemical and STX Energy are Korean founders of the venture.
The cost of the project is US$4 billion. The project participants allocated US$1.4 billion and attracted US$2.5 billion from financial institutions to implement the project.
Ustyurt Gas Chemical Complex will ensure processing 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.