South Korea signs up to $4.5bn Uzbek petrochemicals project

Uzbek and South Korean Presidents Islam Karimov and Park Geun-hye

Uzbek petrochemicals: South Korean President Park Geun-hye and her Uzbek counterpart Islam Karimov have signed an MoU for the joint development of  a $4.5bn petrochemical plant for the production of plastic products by converting methanol  into olefins. The signing took place last week during Karimov’s visit to Seoul and is part of the Uzbek President’s drive to raise $55bn to modernise his country’s infrastructure over the next five years. Uzbekistan is South Korea’s largest trading partner in Central Asia and is also home to the largest number of ethnic Koreans in the region.

Source: AKIpress