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South Korean construction company Daewoo Engineering & Construction announced plans to enter the Central Asian market on Monday, signing a $784 million contract with the Turkmenhimiya State Concern to build a fertilizer plant.

The project, located in the country's second-largest city of Turkmenabat, involves the construction of facilities with a total annual production capacity of 350,000 tons of phosphate fertilizers and 100,000 tons of ammonium sulfate. According to the company, construction is scheduled to be completed within 37 months from the start date.

Daewoo E&C was selected as the winner of the tender for the fertilizer plant project in October last year, and the final contract is based on a framework agreement signed in Seoul in April this year.

“This project marks our first venture in Turkmenistan,” Daewoo E&C CEO Kim Bo-Hyun said during the signing ceremony held on Saturday at the Chamber of Commerce and Industry of Turkmenistan in Ashgabat. “With our company’s comprehensive experience and resources, we aim to establish a world-class fertilizer plant of the highest caliber.”

This landmark deal is set to strengthen Daewoo E&C’s presence in Turkmenistan, an emerging market rich in natural resources and growth potential.

The company has long-term plans to secure additional contracts in Turkmenistan’s petrochemical and fertilizer sectors, while exploring new opportunities in infrastructure, new city development and the green energy sector.

“Building on our successful delivery of large fertilizer plants in Nigeria, Algeria and Morocco, we are confident that we will be able to demonstrate our technological prowess in Turkmenistan,” a Daewoo E&C spokesman said.

ORIENT

More on the topic

South Korean Daewoo E&C ready to build two plants in Turkmenistan

Daewoo E&C wins tender for construction of fertilizer plant in Turkmenabat

Turkmenhimiya and Daewoo E&C sign Framework Agreement on Turkmenabat plant project

Photo: Daewoo E&C