Daewoo E&C announced on the 18th that it signed a basic agreement with the State Chemical Company of Turkmenistan for the construction of a mineral fertilizer plant at the Four Seasons Hotel in Seoul.
The scale of the Turkmenistan mineral fertilizer plant project is approximately 1 trillion won. The signing of this agreement followed the visit of Baymurad Annanmamedov, the Deputy Prime Minister of Construction and Industry of Turkmenistan, to South Korea on the 16th.
Daewoo E&C assessed that it has taken a step further toward signing the main contract for the Turkmenabat mineral fertilizer plant project, which it was notified as the successful bidder for last October.
The signing of the agreement was witnessed by Kim Bo-hyun, President of Daewoo E&C, and Dobran Geldy Sapayev, Chairman of the State Chemical Company of Turkmenistan. Also present at the ceremony were Ahn Duk-geun, Minister of Trade, Industry and Energy, and Baymurad Annanmamedov, Deputy Prime Minister of Construction and Industry of Turkmenistan.
The Turkmenabat mineral fertilizer plant is expected to be built in Turkmenabat, the second city located about 450 kilometers east of Ashgabat, the capital of Turkmenistan. The project will involve the construction of facilities for producing 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate per year, along with auxiliary facilities.
Prior to the signing of this agreement, Baymurad Annanmamedov, Deputy Prime Minister of Construction and Industry of Turkmenistan, and others visited the Ulsan North Port Terminal site and the Goga Bridge on the 17th to confirm Daewoo E&C's construction capabilities and technologies for high-difficulty infrastructure projects such as a petrochemical plant and an underwater immersion tunnel.
Turkmenistan is regarded as a resource-rich country in Central Asia with high growth potential. New projects are expected to be promoted in various fields, including petrochemicals, infrastructure, and new city development.
To enter the Turkmenistan market, Daewoo E&C Chairman Jeong Won-joo has been visiting the region annually. At the end of 2023, the company established a branch office to serve as a base for localization.
Daewoo E&C is anticipating that the signing of this agreement and meetings with key officials from both countries will strengthen the mineral fertilizer plant project, making it possible to sign the main contract within this year.
A representative from Daewoo E&C noted, "We plan to position Turkmenistan as a key country in entering the Central Asian construction market," adding, "We will strive for new market development and business diversification."