During the meeting, the sides discussed implementation of joint projects, including current state of project on construction of Ustyurt Gas-Chemical Complex at Surgil field.

The sides also exchanged opinion on the project on joint conducting of exploration works at Uzunkui-Tuarkyr investment block in Ustyurt region.

The sides also agreed perspective action plan on project on production of gas-cylinder equipment at Navoi free industrial-economic zone.

The sides expressed mutual interest in speeding up these projects, the Uzbek company said in its statement.

UzKorGasChemical JV started to construct Ustyurt Gas-Chemical Complex at Surgil field with the cost of US$3.5 billion in the first quarter of 2010.

In Febraury 2008, the Korean consortium led by Korean Gas Corporation (KOGAS) and Uzbekneftegaz national holding company signed constituent documents on creation of UzKorGasChemical with charter capital of US$600 million on an equal footing to construct Ustyurt Gas-Chemical Complex.

The Korean consortium includes KOGAS (17.5% share in the venture), Honam Petrochemical Corp (17.5%), LG International, SK Gaz and STX Energy (each 5% share).

According to the programme on priorities of industrial development of Uzbekistan for 2011-2015, the project will be financed due to foreign investments and loans for US$3 billion, own resources of Uzbekneftegaz – US$200 million and loan of Fund for Reconstruction and Development of Uzbekistan – US$300 million.

The capacity of Ustyurt Gas-Chemical Complex will make up 400,000 tonnes of polyethylene and 100,000 tonnes of polypropylene a year.