‘Resource-Rich’ Turkmenistan
First Entry into the Central Asian Market
“[Financial News] On the 18th, Daewoo Engineering & Construction was selected as the successful bidder for the ‘Mineral Fertilizer Plant’ project, worth approximately 1 trillion KRW, by the Turkmenistan Chemical Corporation.”
According to Daewoo E&C on the 21st, the mineral fertilizer plant project involves the construction of a facility in Turkmenistan’s second-largest city, Turkmenabat. The project includes facilities capable of producing 350,000 tons of phosphatic fertilizers annually and 100,000 tons of ammonium sulfate per year, along with auxiliary facilities. The exact contract amount and duration will be announced following the formal contract signing.
“With its selection as the successful bidder, Daewoo E&C is set to make its official entry into the new market of Turkmenistan, marking its first venture into the Central Asian region. Turkmenistan is a country with abundant resources, showcasing high growth potential. Through this project, Daewoo E&C plans to actively explore the local market, seeking additional opportunities in the petrochemical and fertilizer industries, while also expanding its discovery of new business ventures in a variety of fields such as infrastructure and new city development. Moreover, they intend to propose and collaborate on various eco-friendly solutions in Turkmenistan’s future.”
Daewoo E&C noted that behind being selected as the successful bidder was the invisible support and cooperation from the government, including the active cooperation request by President Yoon Seok-yeol during his official visit to Turkmenistan in June, and the support request by Land Minister Park Sang-woo during his visit in September. They also explained that Daewoo E&C Chairman Chung Won-joo held a significant role in securing the project bid by promising close cooperation and signing a memorandum of understanding (MOU) with Turkmenistan’s Supreme Leader Gurbanguly Berdimuhamedow during his visit to Korea in November 2022, and by visiting Turkmenistan three times to communicate with the government.
Daewoo E&C stated, “We will continue to expand our overseas business based on eco-friendly technology and innovation, playing a leading role in the global EPC market,” and “We will actively participate in projects aimed at a sustainable future.”