Chairman of the People's Council of Turkmenistan (Halk Maslahaty) Gurbanguly Berdimuhamedov met in Ashgabat with a business delegation from South Korea, including president of Hyundai Engineering Co., Ltd Hyeon-Sung Hong, local TV channel Altyn Asyr reports.
Berdimuhamedov highlighted the opportunities for expanding cooperation in speeding up the construction of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) international gas pipeline and the development of the Galkynysh gas field.
During the meeting, it was said that Turkmenistan was undergoing large-scale industrialisation and "this opens up new areas for cooperation".
Altyn Asyr reports that "the businessmen confirmed their readiness to participate in large-scale infrastructure projects being implemented in Turkmenistan" and expressed confidence that "appropriate agreements will be reached".
Last year, it was reported that more than ten projects involving South Korean companies were registered in Turkmenistan with a total value of more than $11bn. They have already implemented a number of projects on the local market in the petrochemical, gas processing and motor transport sectors.
In particular, LG and Hyundai participated in the construction of a polymer plant in the Caspian village of Kiyanly, and previously provided services for the first stage of development of the Galkynysh gas supergiant.
Galkynysh is one of the main sources of supply to China and could potentially become a raw material base for the project under discussion to supply Europe via the Caspian Sea and the pipeline under construction to South Asia.
The TAPI project was launched in December 2015, and negotiations are underway to build the Afghan section. Experts told Daryo that in the long term, with the implementation of seven development phases, annual production at Galkynysh is expected to reach about 200bn cubic metres of gas.
Eziz Boyarov
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