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GS E&C wins US$4.5 bln Uzbek deal

All Headlines 17:34 May 28, 2015

SEOUL, May 28 (Yonhap) -- GS Engineering & Construction Co., one of South Korea's major builders, said Thursday it has inked a deal on a petrochemical production project in Uzbekistan estimated at US$4.5 billion.

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

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 two firms are currently negotiating the final cost and production capacity of the olefin facility, GS E&C said.

The latest MOU came amid Uzbek President Islam Karimov's meeting with South Korean President Park Geun-hye on Thursday to discuss ways to boost bilateral economic cooperation.

yjkim8826@yna.co.kr
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