At the international conference “Construction, Industry, Energy of Turkmenistan” (CIET 2024), Min Manjun, general director of branch in Turkmenistan, Daewoo Engineering & Construction Co., Ltd shared details about the company’s new large-scale project in the country.
Last month, Daewoo won the tender for the construction of a plant for the production of mineral fertilizers in Turkmenabad. The plant will produce simple superphosphate (350,000 tons per year) and granular ammonium sulfate (100,000 tons per year).
The project will be financed by Korean investments (Korea Exim Bank, K-Sure) and European investments (from the Swiss side – Serv).
The memorandum on the implementation of the project was signed at the end of 2022.
In 2023, together with the State Concern “Turkmenhimiya”, detailed studies of the site of the future plant were carried out and a feasibility study was prepared. Negotiations were also held with European licensors.
According to Min Manjun, negotiations are currently underway with financial institutions and a final contract with Turkmenhimiya is being prepared. “After signing the contract, we expect to start the project next year after the financing closes,” he explained.
Daewoo guarantees the use of the most advanced technologies and has made serious preparations for the project. The company has created a special group to implement the project and attracted loans of up to 85% of the project cost through the Export Credit Agency of Korea and European financial institutions.
“We want to become real partners who can contribute to the economic development of Turkmenistan,” said the General Director of the Daewoo Engineering & Construction Co.,Ltd branch.
In particular, in Turkmenistan, Daewoo can offer its extensive expertise in the oil and gas industry and the creation of smart city infrastructure.
An important step in the development of cooperation was the opening of the Daewoo E&C branch in Ashgabat in October last year.
The field of activity of Daewoo Engineering & Construction Co.,Ltd consists of three divisions – the oil gas sector and power plants, civil engineering, as well as housing construction. Currently, Daewoo Engineering & Construction Co.,Ltd is involved in more than 30 projects in 14 countries around the world. ///nCa, 4 November 2024