Daewoo E&C Signs MOU for Fertilizer Plant Project in Turkmenistan

Daewoo Engineering & Construction announced on the 30th that it has signed a Memorandum of Understanding (MOU) for two fertilizer plant projects in Turkmenistan.

The projects for which the MOU was signed on the 29th are the Turkmenabat Phosphate Fertilizer Plant (with an annual production capacity of 300,000 tons of phosphate fertilizer and auxiliary facilities) and the Balkan Urea-Ammonia Fertilizer Plant (with an annual production capacity of 1.15 million tons of urea fertilizer and 660,000 tons of synthetic ammonia production facilities). Daewoo E&C plans to concretize the projects after on-site inspections and further consultations.

Earlier, on the 27th, Turkmenistan government officials, including Gurbanguly Berdimuhamedow, Chairman of the Senate, who visited Korea, held a 'Korea-Turkmenistan Business Meeting' on the 29th to discuss economic cooperation between Turkmenistan and Korean business leaders, including the Chairman of the Korea International Trade Association and domestic businesspeople.

Baek Jeong-wan, CEO of Daewoo E&C, who attended the business meeting, said, "With the signing of this fertilizer plant MOU, we will seek to enter the Turkmenistan market," adding, "We hope to expand participation in all sectors including plants, power generation, and housing construction."

Jung Won-joo, Vice Chairman of Joongheung Group, the major shareholder of Daewoo E&C, also held a private meeting with Chairman Berdimuhamedow to actively support Daewoo E&C's entry into Turkmenistan.