Hyundai Engineering Signs Two Plant Business Agreements in Turkmenistan

Accompanied as a Key Participant Company in the '2024 Central Asia 3-Country Economic Delegation'

Signed Two Business Agreements Related to Petrochemical Plant Projects with Turkmen State-Owned Enterprises

On the 10th, Hong Hyun-sung, CEO of Hyundai Engineering (left), and Maksat Babayev, Chairman of Turkmengas (right), who attended the signing ceremony of the basic agreement between Hyundai ENG and Turkmengas at the Oguzkhan Presidential Palace in Ashgabat, Turkmenistan, are posing for a commemorative photo. (Photo by the Presidential Office)

Hyundai Engineering announced on the 11th that it has signed two business agreements related to petrochemical plants with major state-owned enterprises in Turkmenistan. Hyundai Engineering is a key participating company in the '2024 Central Asia 3 Countries Economic Delegation.' The delegation includes major companies responsible for economic cooperation, one of the objectives of President Yoon Suk-yeol's Central Asia tour, organized by key government agencies such as the Ministry of Trade, Industry and Energy, the Korea Chamber of Commerce and Industry, and the Korea International Trade Association.

On the first day of the economic delegation's schedule, the 10th, Hyundai Engineering attended the 'Joint Statement and MOU Signing Ceremony' between South Korea and Turkmenistan held at the Oguzkhan Presidential Palace in the capital city Ashgabat. There, they signed a basic agreement on the 4th phase development project of the Galkynysh gas field with Turkmen Gas, the Turkmen state-owned gas corporation.

The signing ceremony was attended by the two countries' presidents, President Yoon Suk-yeol and President Serdar Berdimuhamedow, Hyundai Engineering CEO Hong Hyun-sung, and Turkmen Gas Chairman Maksat Babayev. The 4th phase development project of the Galkynysh gas field is a top priority project selected by the Turkmenistan government. It includes the development of 30 gas wells within the Galkynysh gas field located about 350 km southeast of Ashgabat, as well as the construction of natural gas processing facilities and auxiliary facilities with an annual capacity of 10 billion cubic meters.

A Hyundai Engineering official stated, "By signing this basic agreement, we have taken a step closer to securing the main contract for design, procurement, and construction, including basic design services." Hyundai Engineering also signed a cooperation agreement with Turkmenhimiya, the Turkmen state-owned chemical corporation, for the 'Phase 2 Normalization Project of the Kiyanly Polymer Plant.'

Hyundai Engineering first entered Turkmenistan in 2009 by winning the $1.3 billion 'Galkynysh Gas Desulfurization Facility Project.' Since then, it has carried out numerous large-scale projects, including the $470 million 'Turkmenbashi Refinery' in 2012, the $250 million 'Kiyanly Crude Oil Processing Plant' in 2014, and the $2.98 billion 'Ethane Cracker and PE·PP Production Facility Plant.'