Wednesday, 14 April 2021 11:05 GMT

S. Korea's GS E&C, Uzbekistan sign USD4.5b deal

( MENAFN ) South Korea's GS Engineering & Construction Co. said it has inked a deal on a petrochemical production project in Uzbekistan estimated at USD4.5 billion, Yonhap News reported.

Under the memorandum of understanding (MoU) with Uzbekistan's state-run oil and gas firm Uzbekneftegaz, GS E&C will help set up a production unit to make olefin, used in making plastic materials.

GS E&C will form a consortium with other South Korean investors to cover 50 percent of the project cost, while the remaining share will be held by the Uzbek gas company.

The latest MOU came amid Uzbek President meeting with South Korean counterpart last week to discuss ways to boost bilateral economic cooperation between the two nations.

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