The report said that the working group was entrusted to speed up work on development and approval of pre-project documentation on construction of complex by the end of 2012.

According to the source’s assessment, it is planned to complete preliminary feasibility study of the project and optimal financing schemes in 2013.

The governmental representative said that this will allow to start construction of complex in the beginning of 2014.

Uzbekneftegaz national holding company and Singapore’s Indorama Group created a joint venture on creation of gas chemical complex on parity terms in May 2012.

The preliminary project of the cost is US$2.5 billion. The capacity of the plant will be 500,000 tonnes of polyethylene a year. The project will be implemented within three years.

The project will be financed due to resources of Indorama, loan of Fund for Reconstruction and Development of Uzbekistan and own resources of Uzbekneftegaz.

Uzbekneftegaz and Indorama signed a memorandum of cooperation in 2010, which envisages technological and financial participation of Singaporean company in creation of production of diversified products (polymers and polyethylene) on the base of Mubarek gas processing plant.

Mubarek gas processing plant has been commissioned in 1971. Currently the capacity of the plant is about 30 billion cubic meters of natural gas and over 570,000 tonnes of gas condensate a year.

In 2001, Uzbekneftegaz launched Shortan Gas Chemical Complex on the base of Shortan gas condensate field in Kashkadarya region with the cost of US$985 million. The project capacity of the complex is 3.9 billion cubic meters of gas. It produces 125,000 tonnes of polyethylene, 100,000 tonnes of liquefied gas, and 100,000 tonnes of instable condensate a year.

Currently, Uzbekneftegaz in cooperation with Korean consortium led by Kogas are implementing a project on construction of Ustyurt Gas Chemical Complex on the base of Surgil deposit in northern-western Uzbekistan. The complex will be able to process 4 billion cubic meters of gas a year and produce 400,000 tonnes of polyethylene and 100,000 tonnes of polypropylene a year. The project cost is US$4.2 billion.