ID :
203182
Wed, 08/24/2011 - 10:58
Auther :
Shortlink :
https://www.oananews.org//node/203182
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Lee hails 'Surgil' project as starting point in Uzbekistan's economic development
TASHKENT, Aug. 24 (Yonhap) -- President Lee Myung-bak said Wednesday he believes a joint project between South Korea and Uzbekistan to develop a massive gas field and build a chemicals plant will serve as a starting point in Uzbekistan's full-blown economic development.
On Tuesday, South Korea and Uzbekistan signed a US$4.1 billion package of contacts to develop the Surgil gas field near the Aral Sea and build a gas and chemical plant, the largest-ever project between the two countries since they established diplomatic relations in 1992.
During a forum with about 150 business leaders of the two countries, Lee and Uzbek President Islam Karimov watched via video link the unveiling of a commemorative stone at the plant construction site in a symbolic commitment to the project.
"This is a place where we declare the beginning of a petrochemical complex that can change the history of Uzbekistan," Lee told the business forum. "Looking back, South Korea's dazzling economic development began as we started building a comprehensive petrochemical complex."
Lee also said that he firmly believes that the project will succeed.
The Surgil gas field is believed to be holding an estimated 130 billion cubic meters of natural gas (960 billion tons of LNG, or 830 million barrels of oil equivalent). The project calls for developing the field and building a processing plant, and is expected to cost US$4.16 billion in total.
Participating in the project will be South Korea's GS Engineering & Construction Corp., Samsung Engineering Co., Hyundai Engineering Co. and Uzbekistan's state-run gas corporation UNG.
South Korea and Uzbekistan have pursued the Surgil project since Korea Gas Corp. (KOGAS) and UNG signed a memorandum of understanding in 2006. The two sides have since established the joint venture UZKOR in 2008, in which a Korean consortium led by KOGAS holds a 50 percent stake.
Also signed on Tuesday was a $7 million contract to export an information technology system to modernize Uzbekistan's stock market. An additional seven memorandums of understanding were struck during Wednesday's business forum, including agreements on joint exploration of rare earth materials and textile technology cooperation.
Lee said that it is "surprising" that Uzbekistan's economy has grown over 8 percent annually in recent years despite global economic crises, and praised Karimov for his leadership in making such growth possible.
Lee also said that he believes South Korea's trade with Uzbekistan will grow sharply.
Uzbekistan was the second leg of Lee's three-nation tour of Central Asia. He visited Mongolia earlier this week and is scheduled to depart for Kazakhstan later Wednesday.
jschang@yna.co.kr
On Tuesday, South Korea and Uzbekistan signed a US$4.1 billion package of contacts to develop the Surgil gas field near the Aral Sea and build a gas and chemical plant, the largest-ever project between the two countries since they established diplomatic relations in 1992.
During a forum with about 150 business leaders of the two countries, Lee and Uzbek President Islam Karimov watched via video link the unveiling of a commemorative stone at the plant construction site in a symbolic commitment to the project.
"This is a place where we declare the beginning of a petrochemical complex that can change the history of Uzbekistan," Lee told the business forum. "Looking back, South Korea's dazzling economic development began as we started building a comprehensive petrochemical complex."
Lee also said that he firmly believes that the project will succeed.
The Surgil gas field is believed to be holding an estimated 130 billion cubic meters of natural gas (960 billion tons of LNG, or 830 million barrels of oil equivalent). The project calls for developing the field and building a processing plant, and is expected to cost US$4.16 billion in total.
Participating in the project will be South Korea's GS Engineering & Construction Corp., Samsung Engineering Co., Hyundai Engineering Co. and Uzbekistan's state-run gas corporation UNG.
South Korea and Uzbekistan have pursued the Surgil project since Korea Gas Corp. (KOGAS) and UNG signed a memorandum of understanding in 2006. The two sides have since established the joint venture UZKOR in 2008, in which a Korean consortium led by KOGAS holds a 50 percent stake.
Also signed on Tuesday was a $7 million contract to export an information technology system to modernize Uzbekistan's stock market. An additional seven memorandums of understanding were struck during Wednesday's business forum, including agreements on joint exploration of rare earth materials and textile technology cooperation.
Lee said that it is "surprising" that Uzbekistan's economy has grown over 8 percent annually in recent years despite global economic crises, and praised Karimov for his leadership in making such growth possible.
Lee also said that he believes South Korea's trade with Uzbekistan will grow sharply.
Uzbekistan was the second leg of Lee's three-nation tour of Central Asia. He visited Mongolia earlier this week and is scheduled to depart for Kazakhstan later Wednesday.
jschang@yna.co.kr
