TASHKENT (TCA) — Uzbek-Singaporean joint venture Uzindoramagaschemical has suspended the project to build a gas-chemical plant worth US $2.5 billion in the Kashkadarya province in southern Uzbekistan, Novosti Uzbekistana news agency reported.
“The project has been suspended due to the current situation in the world oil and gas market; when the project will be resumed is unknown for now,” the REGNUM information agency reported citing a source in Uzbekneftegaz. According to the source, due to the lack of funding the project needs additional investors that are currently being looked for.
In May 2012 Uzbekistan’s national oil and gas company Uzbekneftegaz and Singapore’s Indorama Group set up on a parity basis a joint venture to build a gas-chemical complex at the Mubarek gas processing plant in Uzbekistan. The project plans to produce almost 500 thousand tons of polyethylene, 66 thousand tons of gas condensate, and 53 thousand tons of gasoline a year. The complex was to be completed in three years. The project, with a preliminary price tag of $2.5 billion, was to be financed by the founders of the joint venture.
Uzbekneftegaz, with a consortium of South Korean companies led by Kogas, is also implementing the project to build the Ustyurt gas-chemical complex at the Surgil deposit in northwestern Uzbekistan. The new complex will annually process four billion cubic meters of natural gas and produce 400 thousand tons of polyethylene and 100 thousand tons of polypropylene. The $4.2 billion project is to be completed late in 2016.
