AKIPRESS.COM - Lotte Chemical, the chemical affiliate of Lotte Group, has completed construction of a huge gas chemical complex in Uzbekistan.

"The completion of the gas chemical plant is a result of close cooperation between the governments of Korea and Uzbekistan and private companies. This plan is the biggest in size in the Eurasia region built by a Korean chemical firm. Lotte is proud to put the project online," Lotte Chemical CEO Huh Soo-young said at a press conference in Seoul Thursday.

The plan, which is on a 300,000 square meter tract, is the result of an investment of some $3.89 billion or 4.3 trillion won. In June 2014, Korea agreed with Uzbekistan to proceed with the project during summit talks.

The plant will be operational from January, Huh said.

The Surgil gas project is an mutual venture of Uzbekistan and a Korean consortium including Lotte Chemical, KOGAS and GS E&R Corp., according to a statement by Lotte.

The project was initiated in 2006, Korean media report.