A Bright Symbol Uzbekistan’s Might and International Ties

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May 15, 2014

A Bright Symbol Uzbekistan’s Might and International Ties

bright-symbol-uzbekistan1President of the Republic of Uzbekistan Islam Karimov traveled April 25 to the Republic of Karakalpakstan to review the construction course of Ustyurt Gas Chemical Complex.

Our nation’s economic potential has been mounting dynamically and steadily. Wide-ranging efforts are spearheaded under the leadership of President Islam Karimov to modernize and diversify the economy and refine the contemporary business infrastructure. Owing to the macroeconomic stability and favorable investment climate in Uzbekistan, the most advanced nations and prominent international financial institutions have been enthusiastic in their cooperation with our country. As a result, the number of new modern enterprises, including joint ventures, has been growing consistently.

Uzbekistan and the Republic of Korea are time-tested and reliable strategic partners.

bright-symbol-uzbekistan2Today, the mutually advantageous Uzbek-South Korean relations have been advancing both at the interstate-intergovernmental level and that of the corporations and companies. The interaction between our two nations in the political, trade-economic, investment, cultural-humanitarian spheres has been evolving gradually and enriching with new substance, building on the Joint Declaration on Strategic Partnership inked in 2006.

A bright example of cooperation between Uzbekistan and South Korea is the Ustyurt Gas Chemical Complex being erected at the Surgil field in Uzbekistan’s northwestern Karakalpakstan. The project is estimated at 3.9 billion US dollars. Its implementation is to facilitate the production of 3.7 billion cubic meters of tank gas, 387 thousand tons of polyethylene, 83 thousand tons of polypropylene, 102 thousand tons of pyrolized benzene and other valuable goods every year from processing 4.5 billion cubic meters of natural gas.

President Islam Karimov visited that grand industrial enterprise on April 25 and reviewed the course of construction works undertaken there.

“It is not accidental that we have been realizing such a major and unique project jointly with the Republic of Korea,” the head of our state said. “Uzbekistan considers the Republic of Korea an advanced modern nation that wields immense economic, industrial and intellectual potential, and we highly value the robust and mutually advantageous partnership established between our two countries.”

The Ustyurt Gas Chemical Complex is one of the world’s major projects in the hydrocarbon sphere. The Project Finance International in its 2012 survey named the projecting-financial agreement on this scheme as the best one in the petrochemical and gas-chemical sector. The Ustyurt project has also been awarded international prizes “The Best Deal of 2012” by Trade Finance Magazine as well as Global Trade Review.

On 13 March 2014, another eminent international edition, Infrastructure Journal, assigned the construction project of this gas-chemical complex a prestigious prize “Global Deal of 2014 in the Oil and Gas Sector”.

The project is funded with direct investments from founders of the joint venture – the South Korean companies Kogas, Lotte Сhemical, STX Energy, and the Uzbekneftegaz National Holding Company totaling 1.4 billion dollars, along with loans exceeding 2.5 billion dollars.

Such reputed financial institutions as the Asian Development Bank, Korea Development Bank, Korea Finance Corporation, China Development Bank, ING (the Netherlands), Hermes, KfW, Bayern LB, Siemens Bank (all from Germany), Credit Suisse (Switzerland), EKN, Nordea, SEC (all Sweden) are parties to funding the scheme, together with export-import agencies of South Korea, Germany and Sweden, who have provided with insurance cover for the banks taking part in funding the project. This is indicative of the project’s promising and reliable nature.

The construction works underway since 2012 have been in progress with accelerated rates. Modern infrastructure facilities are being erected and high-tech hardware and equipment is being installed.

The head of our state engaged in conversation with workers and specialists at the venture.

Such qualities as diligence, sincerity, generosity are inherent in both Uzbek and Korean peoples, President Islam Karimov suggested. Some 6,400 people have been working at the construction site of the complex. More than 3.5 thousand of them are specialists of our country, the majority of them constitutes the younger generation.

From the very first days of independent development, we have sought a gracious end to build a country with a great future, Uzbekistan’s leader said. Today we feel happy when we take a look at our youths who are keen in grasping modern knowledge, in working at unique cutting-edge mills like this one, and hence we see the practical embodiment of our noble goals.

The head of our state has also inquired into the working and living conditions of workers and specialists.

Chairman of Board of the Uzbek-South Korean joint venture Uz-Kor Gas Chemical Li Hong Yol, Director of Lotte Сhemical – the Technical Manager of the project Hyung Chul Pak, Manager of Hyundai Engineering – the Construction Manager of Ustyurt Gas Chemical Complex Kim Wan Su and others expressed gratitude to the President of our country for the favorable conditions created here and the continuous attention and care.