Indorama, a petrochemicals group based in Singapore intends to invest over €437 million in a project for setting up a polyethylene manufacturing plant with a capacity of four lakh tpa, in Uzbekistan.
The €874 million project forms a part of the Uzbekistan government's plan for development of the domestic Mubarek gas processing complex by 2015, and would be jointly executed by the Indorama and the national gas company, Uzbekneftegaz.
Uzbekneftegaz would invest €110 million in the project, while the remaining funds would flow from the Central Asian state's Fund for Reconstruction and Development in the form of loan.
Instituted in 1971, the existing Mubarak gas complex holds the capacity to process at the most 30 billion cubic metres of gas. The PE and other products that the complex manufactures are suitable for sale not just in the domestic but even in the foreign markets.
Indorama has already invested €40m in a state project to establish textile manufacturing facility, JV Indorama Kokand Textiles at the incomplete Kokand Textile Combine. The new facility is expected to manufacture 20,000 tpa of cotton yarn by 2013.
The polyethylene scheme forms a part of the Uzbek government's key project formulated to boost and upgrade production of polymers in the country. The Uzbek government last year inked a mutual deal with South Korea for a joint project of setting up a petrochemicals and polyolefins complex in Uzbekistan.
The other international projects that the Uzbek government is pursuing include a proposed project for setting up two PE and polypropylene pipe extruding plants in Navoi region of the country, while the other being a joint venture project already going on between the Uzbek and South Korean government for car component moulding business for producing automotive cables.
Fibre2fashion News Desk - India
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