Daewoo E&C signed a basic agreement for a $1 trillion Turkmenistan phosphate fertilizer plant project. The governments of South Korea and Turkmenistan also agreed to cooperate on the plant project.
According to the Ministry of Trade, Industry and Energy on the 18th, Daewoo E&C held a signing ceremony for the basic agreement of the 'Turkmenabat phosphate fertilizer plant' on that day. The fertilizer plant project was commissioned by the Turkmen Chemical Industry, with Daewoo E&C participating as the constructor. It involves approximately $1 trillion.
The fertilizer plant is a facility that extracts phosphate from the abundant phosphate rock in the Turkmenabat region and processes it into fertilizer. It is expected to contribute to improving the productivity of Turkmenistan's industry and agriculture and diversifying exports.
Since being selected as the successful bidder for the project last October, Daewoo E&C has continued discussions with the Turkmen side. The Ministry expects that the final contract between the two sides will proceed smoothly.
Minister Ahn Duk-geun held a high-level meeting with Baymurad Anamammedov, Turkmenistan's Vice Prime Minister for Construction and Industry, and suggested that the Vice Prime Minister expedite the signing of the final contract for the Turkmenabat phosphate fertilizer plant project at the earliest opportunity.
Minister Ahn also requested the support of the Turkmenistan government to allow South Korean corporations to participate in additional plant projects that the Turkmenistan side is preparing.