Ashgabat (TDI): South Korea’s Daewoo Engineering & Construction has secured a contract worth approximately $730 million to build a major fertilizer plant in Turkmenistan.
Located in Turkmenabat, 450 km east of the capital Ashgabat, the plant will produce 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate annually.
Daewoo aims to enhance its footprint in Central Asia, with plans to expand into the petrochemical, agricultural, infrastructure, and urban sectors.
The deal, supported by the South Korean government and bolstered by the recent visit of President Yoon Seok Yeol, includes environmentally friendly technological solutions.
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Company Chairman Jeong Won-ju’s meetings with Turkmen leaders have paved the way for closer ties and future cooperation.
The investment comes as Turkmenistan undertakes extensive development projects with South Korean firms.
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Hyundai Engineering is partnering with Turkmengas to expand the Galkynysh gas field, while additional projects focus on refining oil in Kiyanly and exploring “smart city” initiatives.
