South Korea's Daewoo Engineering & Construction (Daewoo E&C) has signed a $700mn framework agreement with Turkmenistan’s state chemical company, Turkmenhimiya, to build a major fertilizer plant in the eastern city of Turkmenabat by 2029.
The agreement, formalized at Seoul’s Four Seasons Hotel on April 18, marks a significant step forward in Daewoo E&C’s efforts to expand its presence in Central Asia. It follows the company's designation as the preferred bidder for the Turkmenabat Mineral Fertilizer Plant Project in October 2024.
The plant will be designed to extract phosphoric acid from phosphate rock and produce 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate annually. The project also includes the development of key auxiliary facilities.
The signing ceremony was attended by high-level officials including Kim Bo-hyun, President of Daewoo E&C, Dovrangeldi Sapbayev, Chairman of Turkmenhimiya, South Korean Industry Minister Ahn Duk-geun, and Baymyrat Annamammedov, Turkmenistan’s Deputy Prime Minister for Construction and Industry.
“Turkmenistan is a key region that we expect to serve as a strategic hub for the construction market in Central Asia,” a Daewoo E&C official said. “Expanding overseas is essential for a sustainable future, and we will do our best to diversify our business portfolio.”
During his visit to Korea, Annamammedov also toured Daewoo E&C’s Ulsan North Port Terminal site and the Geoga Bridge to observe the firm’s advanced engineering and infrastructure capabilities, particularly in complex projects such as petrochemical plants and immersed underwater tunnels.
Following the signing, Ministers Ahn and Annamammedov held bilateral talks focused on expanding cooperation in broader industrial plant sectors, according to South Korea’s Ministry of Trade, Industry and Energy.
Daewoo E&C aims to finalize the main contract for the fertilizer plant later this year and is accelerating efforts to pursue new infrastructure and industrial projects.
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