Hyundai Engineering CEO Hong Hyun-seong (left in the photo) and Dovran Hudayberdiyev, Chairman of the Turkmenistan Industrial Enterprises Federation, are signing a Memorandum of Understanding (MOU) for cooperation on the "Turkmenistan Ammonia Urea Fertilizer Plant" project and taking a commemorative photo. (Photo by Hyundai Engineering)
[Asia Economy Reporter Kim Hyemin] Hyundai Engineering announced on the 30th that it has signed a memorandum of understanding (MOU) for a $1.4 billion 'Ammonia Urea Fertilizer Plant' project in cooperation with the Turkmenistan Industrialists and Entrepreneurs Union.
The MOU signing ceremony, held the previous day at Lotte Hotel in Sogong-dong, Seoul, was attended by Hyundai Engineering CEO Hong Hyun-sung, Turkmenistan Industrialists and Entrepreneurs Union Chairman Dovran Hudayberdiyev, and other officials.
The plant will be constructed in the Balkan region in western Turkmenistan and, upon completion, will produce 1.155 million tons of urea fertilizer and 665,000 tons of synthetic ammonia annually. It is expected to contribute to local agricultural production and job creation in Turkmenistan.
Hyundai Engineering has undertaken numerous projects since 2009, starting with the 'Kalkinish Gas Desulfurization Facility Project,' followed by the 'Turkmenbashi Refinery,' 'Kiyanly Crude Oil Processing Plant,' and the 'Ethane Cracker and PE/PP Production Facility Plant.'
A Hyundai Engineering official stated, "The know-how and trust we have built through the successful completion of various projects in Turkmenistan and several other Central Asian (CIS) countries have been a vital asset in participating in this ammonia urea fertilizer plant construction project. We will demonstrate our status as a global leader in mega plant construction through the successful execution of this project."
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