Daewoo Construction announced on May 26 that it has signed the main contract with Turkmenistan’s state-owned chemical corporation for the construction of a fertilizer plant worth $784 million (approximately 1.081 trillion KRW). Previously, after being selected as the preferred bidder in October last year, the company signed a basic agreement in Seoul in April this year.
This project involves building a mineral fertilizer production plant in Turkmenabat, the second-largest city in Turkmenistan, located about 450 kilometers east of the capital, Ashgabat. The plant will have an annual production capacity of 100,000 tons of ammonium sulfate and related auxiliary facilities. The construction period is set at 37 months after groundbreaking.
Kim Bohyun, CEO of Daewoo Construction (center), and local client representatives are taking a commemorative photo after signing the main contract on the 24th (local time). Photo by Daewoo Construction
Turkmenistan is considered a country rich in resources with high growth potential. This is Daewoo Construction’s first project in the Central Asia region. The company plans to actively target the local market and explore new business opportunities in various fields, including petrochemical and fertilizer-related projects, new city development, and eco-friendly initiatives.
Previously, Daewoo Construction has built large-scale fertilizer plants in countries such as Nigeria, Algeria, and Morocco. Kim Bohyun, CEO of Daewoo Construction, said, "This is our first project in Turkmenistan, and we will concentrate all our capabilities to build a plant of the highest quality."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
