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NEWS

USD2.66 Bn Deal In Uzbekistan Hyundai Engineering Starts Construction of Largest Gas Processing Complex in Uzbekistan

www.businesskorea.co.kr/english
21 April 2016

Hyundai Engineering Co. announced on Apr. 20 that it held a groundbreaking ceremony for the Kandym gas processing plant in Uzbekistan on the 19th. The total amount of the project is US.66 billion (3.01 trillion won) and Hyundai Engineering's portion is US.01 billion (about 2.28 trillion won).

The ceremony was attended by Vice President of Hyundai Engineering Sung Sang-rok, Prime Minister of the Republic of Uzbekistan Shavkat Mirziyoyev, President of PJSC Lukoil Vagit Alekperov and President of Lukoil Uzbekistan Operating Company (LUOC) Oleg Dyakonov.

The Kandym gas processing plant is to be built in the Kandym gas field, which is about 520 km southwest from Tashkent, the capital of Uzbekistan. Once the plant is completed, it will have an annual production capacity of 8.2 billion cubic meters, or 6.35 million tons, of natural gas. The figure accounts for 16 percent of 40.28 million tons of Korea's total annual gas consumption as of 2013.

The order had been placed by LUOC, which is a joint venture between Russia's Lukoil, one of the largest oil refiners in the world, and UNG, Uzbekistan's state-run oil and gas company. Hyundai Engineering will deliver engineering, procurement, and construction (EPC) for the project, and the construction will end in the first half of 2019. 

Hyundai Engineering obtained orders of front end engineering design (FEED) services for the Kandym gas field development in 2011. Based on this, the company won another project to build an early gas processing facility worth US0 million (475.65 billion won) in the same region in 2013, and the construction is in its final stage. Through successful project completion, Hyundai Engineering was able to win the Kandym gas processing plant project in 2014, and the formal contract was inked in Feb. 2015.