OREANDA-NEWS. May 18, 2012. Uzbekneftegaz national holding company is planning to create a joint venture on production of gas chemical complex with Singapore’s Indorama Group in the second half of 2012, chairperson of the Board of Uzbekneftegaz Shokir Fayzullaev said.

During the press conference in Tashkent Shokir Fayzullaev said that the sides created working group, which develops technology and strategy of project implementation. He said that it is planned to develop all necessary documents in the first half of 2012 and make significant step in project implementation in the second half of the year.

The project with the preliminary cost of US.5 billion envisages construction of gas chemical complex with the capacity of 500,000 tonnes of polyethylene a year. The complex will be constructed in four years on the base of Mubarek Gas Processing Plant.

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

In 2010, Uzbekneftegaz and Indorama signed a memorandum of cooperation, which envisages technologic and financial participation of Singaporean company in the project.