Daewoo E&C announced on the 31st that Chairman Jung Won-joo and the working-level team visited Turkmenistan from the 28th to the 30th to review the local situation, meet with top national leaders, and accelerate entry into the Central Asian construction market.
On the 29th, Chairman Jung paid a visit to President Serdar Berdimuhamedow at the Presidential Palace located in Ashgabat, the capital of Turkmenistan. He then visited Gurbanguly Berdimuhamedow, the National Supreme Leader and Chairman of the People's Council, at the Supreme Leader's office in Arkadag Palace. During this visit, Chairman Jung discussed the progress of the fertilizer plant construction project for which an MOU was signed last November and expressed willingness to participate in the ongoing new city development project locally.
On the 29th, Jeong Won-ju, Chairman of Daewoo Engineering & Construction, paid a visit to Gurbanguly Berdimuhamedow, the Supreme Leader of Turkmenistan, on-site in Turkmenistan.
Chairman Jung stated, “I express my gratitude for Turkmenistan's warm hospitality and interest and hope for a close cooperative relationship,” adding, “Daewoo E&C has abundant experience and competitiveness in fertilizer plant projects in Morocco, Nigeria, and Algeria, and possesses achievements in various fields such as smart cities, infrastructure, and power generation. We aim to achieve sustainable growth together through Turkmenistan’s economic development, which has great potential based on its abundant natural gas resources.”
The Turkmenistan side responded that they would actively review Daewoo E&C’s proposal for the fertilizer plant project. They expressed hope for Daewoo E&C’s participation in highway, water treatment, desalination, and gas projects. Additionally, they mentioned the possibility of further cooperation in smart city construction and management, as well as renewable energy resource sectors, considering Korea as an economic partner to build a long-term and strategic relationship and awaiting proposals in various cooperation fields.
The MOU signed last year between Daewoo E&C and Turkmen Chemical Corporation covers the Balkan urea-ammonia fertilizer plant (annual production of 1.15 million tons of urea fertilizer and 660,000 tons of synthetic ammonia production facilities) and the Turkmenabat phosphate fertilizer plant (annual production of 300,000 tons of phosphate fertilizer production facilities and auxiliary facilities). During this visit, detailed discussions were held regarding the project schedule and securing project financing. Notably, Daewoo E&C proposed constructing the Balkan urea-ammonia fertilizer plant as the first blue ammonia production facility in the Central Asian region, emphasizing that this would increase the potential for exporting eco-friendly fertilizers to the European region. The project is expected to sign a contract as early as the end of this year and begin construction in the second half of next year.
Furthermore, during the meeting, Chairman Jung and the working-level team received approval to visit the Arkadag new city, a key project promoted by the Turkmenistan government, and had the opportunity to tour the new city directly under the guidance of the Arkadag mayor. They also received an expression of hope for Daewoo E&C’s participation in the second phase of the new city project.
The Arkadag new city project involves constructing a smart new city on a 10.02 million square meter site located 30 km southwest of the capital Ashgabat, with an expected population of about 64,000 residents. Construction began in 2019, and the first phase is scheduled for completion in June. Arkadag new city is planned to become the new capital of Ahal Province and is a key project in Turkmenistan with a total investment of approximately 5 billion USD.
A Daewoo E&C official stated, “It is very special for a foreign company in Turkmenistan to visit both the National Supreme Leader and the President on the same day, confirming high interest and support for Daewoo E&C’s local entry,” adding, “We plan to promote localization through the two fertilizer plant construction projects currently underway and the new city development project, aiming to grow Turkmenistan into a hub market in Central Asia.”
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