Uzbekneftegaz, Indorama in gas JV

24-May-12
Uzbekneftegaz and Singapore's Indorama Group have established the UzIndoramaGazChemical joint venture (JV) to build a gas chemical complex (GCC) on a parity basis, as per Trend News Agency. In 2010, Uzbekneftegaz and Indorama signed a memorandum of cooperation, providing for technological and financial participation of Singapore company to establish production of diversified products (polymers and polyethylene) on the basis of the Mubarek Gas Processing Plant. As reported earlier, the project worth US$2.5 bln envisages building the GCC with a capacity of 400,000 tpa of polyethylene. The construction period is four years. The project will be financed by Uzbekneftegaz, loans from the Uzbek Reconstruction and Development Fund, and investments by the Singaporean company Indorama.
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