KOGAS announced on September 26 that the company achieved the first dividend income of approximately 25 million dollars from the Surgil Gas Field Development and Gas Chemical Plant Construction and Operation project in Uzbekistan.
The Surgil project is a high-value-added package-type resources development project through which KOGAS jointly develops a gas field in Surgil and produces gas in concert with a state-run Uzbek oil and gas corporation (Uzbekneftgaz). The produced gas is sent to Ustyurt Gas Chemical Plant which is 110 km away to produce and sell polymer chemicals and sell remaining natural gas.
KOGAS’s local joint venture in Surgil posted US$600 million in sales by selling 430,000 tons of polymers, 305,000 tons of gas and other byproducts last year. This time, KOGAS received about US$25million in dividends in accordance with the company's investment stake. KOGAS is expected to record about 60 billion won (US$54 million) in annual profits over the next 25 years, if the project becomes stable.
In the future, KOGAS will continue to secure economic and investment stability through the joint operation of the Surgil project with the Uzbek side while utilizing it as a role model for packaged resources development projects.