US$1.2 bln upgrade of a PE gas-chemical complex in Uzbekistan

Uzbekistan is to invest US$1.2 bln on upgrade of a polyethylene gas-chemical complex at state owned plant in Mubarek to 400,000 tons. The project, to be financed jointly with Singapore’s Indorama group, will have US$150 mln from national gas company Uzbekneftegaz and US$600 mln from Indorama, while The Uzbekistan Fund for Reconstruction and Development will contribute US$450 mln. Upgrade of the plant built in 1971 is expected to be completed by 2015. This project constitutes part of the Uzbek government’s economic plan to stimulate investment in the country.
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