ID :
203037
Tue, 08/23/2011 - 15:58
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Shortlink :
https://oananews.org//node/203037
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S. Korea, Uzbekistan sign gas field, plant construction deals totaling $4.1 bln
TASHKENT, Aug. 23 (Yonhap) -- South Korea signed a US$4.1 billion package of deals Tuesday to develop a massive gas field and build a related plant in Uzbekistan after President Lee Myung-bak held summit talks with his Uzbek counterpart.
The project to develop the Surgil gas field near the Aral Sea and build a gas and chemicals plant is the largest-ever contract between South Korea and Uzbekistan since they established diplomatic relations in 1992, officials said.
During summit talks, Lee and Uzbek President Islam Karimov pledged to work together closely on the project, sharing an understanding that its success would have positive effects on further expanding cooperation between the two countries, officials said.
Lee arrived in Tashkent earlier in the day for a two-day visit as part of a three-nation tour of Central Asia focused in large part on boosting economic relations with the resources-rich nations. He earlier visited Mongolia and plans to head to Kazakhstan on Wednesday.
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.
Signed on Tuesday were four engineering, procurement and construction (EPC) contracts involving South Korea's GS Engineering & Construction Corp., Samsung Engineering Co., Hyundai Engineering Co. and Uzbekistan's state-run gas corporation UNG, and UZKOR, a 50:50 joint venture set up between the two countries to develop the gas field.
South Korea and Uzbekistan have pursued the Surgil project since Korea Gas Corp. (KOGAS) and UNC 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.
Lee and Karimov attended the signing ceremony held after their summit talks. Also signed at the ceremony were a memorandum of understanding committing the two countries to close cooperation in the mineral resources and industry sectors, as well as a pact to simplify the visa process for South Korean business professionals.
South Korea and Uzbekistan also sealed about 20 other economic cooperation agreements in health care, medicine, IT, textiles and other industries, officials said.
Lee's two-day visit to Tashkent is also expected to strengthen his personal bond with Karimov, officials said. The two leaders have met with each other every year since 2008, discussing cooperation between the two countries and building a personal friendship, they said.
At the summit, they expressed satisfaction with the status of relations and cooperation between the two countries and agreed to work together to further expand them. They also agreed to boost people-to-people changes to mark next year's 20th anniversary of bilateral diplomatic relations.
Lee praised Karimov's role in helping to stabilize Central Asia and Afghanistan, and asked for Uzbekistan's continued support for South Korea in international arenas.
Karimov spoke highly of Seoul's role in the international community, such as its hosting of last year's G-20 summit and its planned hosting of next year's Nuclear Security Summit, and pledged to continue to support South Korea on the international stage, officials said.
The project to develop the Surgil gas field near the Aral Sea and build a gas and chemicals plant is the largest-ever contract between South Korea and Uzbekistan since they established diplomatic relations in 1992, officials said.
During summit talks, Lee and Uzbek President Islam Karimov pledged to work together closely on the project, sharing an understanding that its success would have positive effects on further expanding cooperation between the two countries, officials said.
Lee arrived in Tashkent earlier in the day for a two-day visit as part of a three-nation tour of Central Asia focused in large part on boosting economic relations with the resources-rich nations. He earlier visited Mongolia and plans to head to Kazakhstan on Wednesday.
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.
Signed on Tuesday were four engineering, procurement and construction (EPC) contracts involving South Korea's GS Engineering & Construction Corp., Samsung Engineering Co., Hyundai Engineering Co. and Uzbekistan's state-run gas corporation UNG, and UZKOR, a 50:50 joint venture set up between the two countries to develop the gas field.
South Korea and Uzbekistan have pursued the Surgil project since Korea Gas Corp. (KOGAS) and UNC 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.
Lee and Karimov attended the signing ceremony held after their summit talks. Also signed at the ceremony were a memorandum of understanding committing the two countries to close cooperation in the mineral resources and industry sectors, as well as a pact to simplify the visa process for South Korean business professionals.
South Korea and Uzbekistan also sealed about 20 other economic cooperation agreements in health care, medicine, IT, textiles and other industries, officials said.
Lee's two-day visit to Tashkent is also expected to strengthen his personal bond with Karimov, officials said. The two leaders have met with each other every year since 2008, discussing cooperation between the two countries and building a personal friendship, they said.
At the summit, they expressed satisfaction with the status of relations and cooperation between the two countries and agreed to work together to further expand them. They also agreed to boost people-to-people changes to mark next year's 20th anniversary of bilateral diplomatic relations.
Lee praised Karimov's role in helping to stabilize Central Asia and Afghanistan, and asked for Uzbekistan's continued support for South Korea in international arenas.
Karimov spoke highly of Seoul's role in the international community, such as its hosting of last year's G-20 summit and its planned hosting of next year's Nuclear Security Summit, and pledged to continue to support South Korea on the international stage, officials said.
