China National Petroleum Corporation (CNPC) will join UzIndoramaGazChemical, a joint venture that will build a US$2.5 bln complex to produce polyethylene at the Mubarek Gas Refinery in Uzbekistan's Kashkadarya region, Interfax reports. CNPC had signed a memorandum to join Uzbek national oil and gas company Uzbekneftegaz and Singapore's Indorama Group in the joint venture. The equity is expected to be redistributed by the end of 2013. Uzbekneftegaz and Indorama formed the joint venture on an equal footing in May 2012. The complex will have capacity to produce 500,000 tpa of polyethylene. The project will be funded by the investors and foreign bank loans.
The Mubarek refinery, which is controlled by Uzbekneftegaz subsidiary Uzneftegazdobycha, is Uzbekistan's biggest and is capable of processing 30 bcm of gas per year. It produces gas condensate, liquefied gas and industrial sulfur.
19-Sep-13 
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