Daewoo Engineering & Construction has signed a framework agreement with Turkmenhimiya, Turkmenistan’s state-owned chemical company, for the construction of a mineral fertilizer plant, the company said Friday.
The agreement, signed at a ceremony in Seoul, represents a significant milestone toward finalizing the contract, following Daewoo's selection as the preferred bidder in October 2023.
The signing event was attended by Daewoo E&C CEO Kim Bo-hyun, Turkmenhimiya Chairman Dovrangeldi Sapbayev as well as top government officials of the two countries: Korean Industry Minister Ahn Duk-geun and his Turkmen counterpart, Baymyrat Annamammedov.
Kicking off their visit to Korea from Wednesday, the Turkmen delegation led by Annamammedov, visited key Daewoo E&C infrastructure sites — including the Ulsan North Port Korea Energy Terminal and Geoga Bridge — to evaluate their understanding of the company’s advanced engineering capabilities in high-difficulty sectors like petrochemical plants and immersed tunnel construction.
The envisioned mineral fertilizer plant will be built in Turkmenabat, Turkmenistan’s second-largest city, located about 450 kilometers east of the capital, Ashgabat. The project includes the construction of facilities capable of producing 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate annually, along with supporting infrastructure.
Turkmenistan is regarded as a strategic hub in Central Asia with significant growth potential in petrochemicals, infrastructure and new city development. Daewoo E&C, which established a local branch in 2023, expects to finalize the contract this year and expand its regional presence through continued investment and project development.
“Turkmenistan is one of our most strategic markets in Central Asia,” a company official stated. “Expanding our overseas business is essential to sustainable growth, and we are committed to diversifying and strengthening our presence in key global regions.”
hyelimchung@heraldcorp.com
