Daewoo E&C announced on the 26th that it has signed a main contract worth $784 million (about 1.08 trillion won, including VAT) for a "mineral fertilizer plant" exclusively with the Turkmenistan State Chemical Company on the 24th (local time).
The contract was based on a basic agreement signed in April after being selected as the successful bidder in October 2024.
This project is the construction of a "mineral fertilizer plant" located in Turkmenabat, the second city of Turkmenistan, about 450 kilometers east of the capital, Ashgabat. It will build facilities to produce 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate annually, along with ancillary facilities. The construction period is 37 months from the start date.
Kim Bo-hyun, president of Daewoo E&C, who attended the contract signing ceremony, said, "The mineral fertilizer plant project is the first project Daewoo E&C is conducting in Turkmenistan, and we will focus all our capabilities to build a factory of the highest quality."
Daewoo E&C achieved a remarkable feat by making its first entry into Central Asia through this contract. Turkmenistan is a country with high growth potential based on its abundant resources.
In addition to actively exploring the local market to seek additional orders in the petrochemical and fertilizer sectors, it has also opened up opportunities to discover new projects in various fields such as infrastructure and new city development. Daewoo E&C plans to deepen cooperation by proposing various solutions in the field of eco-friendly business in Turkmenistan.
A representative of Daewoo E&C noted, "Based on our experience of successfully carrying out large-scale fertilizer plants in Nigeria, Algeria, and Morocco, we will prove Daewoo E&C's technological prowess in Turkmenistan," adding, "This year, we will strengthen our position as a global construction company by securing additional orders in overseas projects in Iraq, Nigeria, and Libya."