ING Groups holds global advertisement campaign of Uz-Kor Chemicals
11/07/2013 15:49
ING Groups holds global advertisement campaign of Uz-Kor Chemicals
11/07/2013 15:49
Tashkent, Uzbekistan (UzDaily.com) -- International financial corporation ING Group is carrying out global advertisement campaign, dedicated to cooperation of Uzbekneftegaz, consortium of Korean companies Kogas, Lotte Petrochemicals and Uz-Kor Chemicals on long-term project financing of construction of Ustyurt gas-chemical complex on the base of Surgil field, Jahon news agency reported.
In the beginning of 2013, international edition Project Finance International, which is owned by Thompson Reuters, named construction project of Ustyurt Gas Chemical Complex on the base of Surgil gas field an international project of the year in nomination “Deal of the year in oil and gas chemistry”.
Within the campaign, ING Group, which is financial consultant of the deal, distributes video and places banners at the European airports. It also placed advertisement in business edition and launched special section on its website and publishes information on Surgil project, interviews with representatives of Uzbekistan and South Korea.
Uz-Kor Gas Chemical is a project company. 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.
Main resource base of the project is gas and gas condensate, extracted at Surgil field, license for development of which was presented to Uz-Kor Gas Chemical.
Uz-Kor Gas Chemical will produce and sell gas in market of Uzbekistan and produce gas chemical goods: polyethylene of high density, polypropylene and pyrolized gas and mazut for internal and external markets.
It is expected that Ustyurt Gas Chemical Complex will be commissioned in early 2016.
The complex will annually process 4.5 billion cubic meters of gas and produce 4 billion tank gas, 400,000 polyethylene and 100,000 tonnes of polypropylene, as well as 100,000 tonnes of pyrolized petroleum.
The project cost is about US$4.16 billion. Foreign banks issued US$2.5 billion, while founders of Uz-Kor Gas Chemical will allocate US$1.41 billion. The Fund for Reconstruction and Development of Uzbekistan will issue US$100 million.
$ 1 | 12727.96 | +0.134% |
1 | 13781.84 | +0.459% |
₽ 1 | 139.46 | +0.288% |