OREANDA-NEWS. October 14, 2011. UzKor GasChemical, an Uzbek-South Korean joint venture, will attract USD5 billion for construction of Ustyurt gas chemical complex in north-west of Uzbekistan.

UzKor GasChemical, Asian Development Bank (ADB) KEXIM and KSURE completed to agree key conditions of financing of the project “Construction of Ustyurt gas chemical complex on the base of Surgil deposit with construction of the field”.

The press service of Uzbekneftegaz national holding company said that the ceremony of signing of the document was held in Seoul. The details of the agreement were not disclosed.

Uz-Kor GasChemical and creditors also agreed further steps and action schedule till the sining of general financing terms and loan agreement till the end of 2011.

The project along with the loans for creditors, will be also financed due to own resources of Uzbekneftegaz and loan of the Fund for reconstruction and development of Uzbekistan.

Surgil field was opened in March 2006 and now it is developed by Uzbekneftegaz. Its reserves, according to the Uzbek side, make up about 120 billion cubic meters of gas.