SEOUL (Dow Jones Newswires) – State-run policy bank Export Import Bank of Korea, or known as Kexim, said Monday it will provide $1 billion worth in project financing for Korean companies participating in a multi-billion gas project in Uzbekistan.

Eight Korean companies including Korea Gas (036460.SE) and Honam Petrochemical (011170.SE) are currently participating in the Uzbekistan Surgil gas field development and plant construction project, which it will be helping finance, Kexim said in a statement.

In 2008, Kogas decided to establish a joint venture company called Kor-Uz Gas Chemical with Uzbekistan’s state-run Uzbekneftegaz to develop the Surgil gas field.

Honam Petrochemical recently decided to increase its stake in the venture to 24.5% from 22.5% previously. Korea Gas holds a 22.5% stake, while Uzbekneftegaz holds 50%.