Thursday, 19 May 2011

Uzbekistan launches 2 new South Korean joint ventures

Uzbekistan has launched two new gas-related joint ventures with South Korea, the Uzbekistan Daily news web site reported on Monday.

The first venture will design and build stations for compressed natural gas, while the other venture will create automobile gas containers.

Korean firms EngineTech, Kwangshin, Korea Gas Corporation (Kogas) and Kolon are part of the venture to create 50 compressed natural gas stations. Uzbekistan plans to install 352 gas compressor stations throughout the country between 2011 and 2014, reported.

The second venture is expected to produce 120,000 units of the containers on an annual basis. The company is a joint creation between Kogas, South Korea’s Kolon Industries Inc. and Korean firm NK. Uzbek firm Zavod Uzbekkhimmash, which is a subsidiary of state-owned gas firm Uzbekneftegaz, is also a partner in the venture.

The company was established in central Navoi, to take advantage of the country’s free industrial and economic zone (FIEZ) that provides tax incentives for foreign investors.

South Korea invested $21.4 million in the projects, which overall cost $42.8 million to create.

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