The Uzbek Minister of Energy Alisher Sultanov hosted a number of delegations from the Republic of Korea Thursday. Sultanov met with Korea Eximbank executives and discussed the implementation of projects involving the bank, including the Uzbekistan GTL construction project and the Ustyurt Gas Chemical Complex (Uz-Kor Gas Chemical).

The Uzbek Energy Minister proposed projects for the possible financing by Korea Eximbank, such as the Bukhara refinery modernization, erecting of CCGTs at new thermal power plants, implementing of Supervisory Control and Data Acquisition (SCADA), as well as automatic system for commercial measurement of power consumption (ASCMPC). The Uzbek side also proposed to review the possibility of drawing funds from the Korean Economic Development and Cooperation Foundation (EDCF) for SCADA projects.

The parties also agreed to establish a joint working group before 2020 to ensure transparency and speed up the opening of credit lines for project finance.

Sultanov also hosted the delegation of the Korea Energy Agency (KEA) headed by the CEO Kim Chang-seob and discussed the ways to improve the energy efficiency of thermal power plants, modernizing and improving the energy grid. The Korean side advised to replace the equipment on worn-out thermal power plants, instead of building new ones. The delegation expressed interest in visiting existing power plants in Uzbekistan.

The Energy Minister also accepted the delegation of the Korea Telecom (KT), headed by the senior executive vice president Park Yoon-young. The Korean side noted the success of the ASCMPC implementation project and expressed interest in participating in SCADA projects, as well as the project of energy management systems (EMS).

During the meetings with Korean Posco International, Kepco and Hyundai, the companies expressed interest in cooperating in developing potential projects through the creation of a consortium. On April 19, during the Uzbek-Korean business forum, a Memorandum was signed with a consortium for cooperation in the energy sector.

The parties agreed to create a joint working group to study and develop projects for the construction of combined cycle CCGTs, implementation and modernization of SCADA, EMS and relevant ITs, as well as in other areas cooperation.

Posco International also requested a new block for geological exploration at potential natural gas fields and it was ready to assist in the training of personnel and the organization of training programs for the Uzbekistan’s energy sector.