[Asia Economy Reporter Jang Hyowon] DK Lock announced on the 31st that it has signed a supply contract worth 10.5 billion KRW for Double Block & Bleed Valves (hereinafter ‘DBB valves’) with Novo Construction Equipment, a local company in Uzbekistan.
This contract corresponds to 12.3% of the consolidated sales of 85.5 billion KRW in 2021. CEO No Eun-sik explained, “The valves are scheduled to be used in the local Gas Processing Plant (GPP) construction of Surhan Gas Chemical OC, the largest oil and gas company in Uzbekistan.”
The DBB valves to be supplied must meet the quality requirements based on ASTM and API certifications, which are essential in the oil and gas plant business sector. A majority of the supply consists of Inconel Alloy 625 high-strength special steel material, requiring advanced design and precision machining technology.
A company official stated, “To enter the Central Asian market, we established a representative office in 2020 and have been actively pioneering the market. Despite the challenging business environment, we have achieved meaningful orders within three years. Since the gas processing plant construction is underway, we expect additional orders.”
According to KOTRA, Uzbekistan regards the oil and gas industry as a crucial factor determining future economic development and the quality of life of its citizens. Due to aging infrastructure, various modernization policies are underway, and with continuous infrastructure investment, demand for related products is expected to increase.
Meanwhile, last year’s Russia-Ukraine war not only intensified uncertainties in the international energy market and prompted a paradigm shift in the global energy supply chain but also triggered worldwide concerns about energy supply stability.
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