Seoul, South Korea - Daewoo Engineering & Construction (Daewoo E&C) announced today that its Chairman, Jung Won-ju, visited Turkmenistan from May 2nd to 7th to attend the CIET2024 conference and meet with key government officials to discuss expanding the company's business in the region.
During his visit, Chairman Jung met with Vice Chairman Baimurat Annamammedov, responsible for construction, energy, and production in Turkmenistan, as well as heads of the foreign economic bank, Ashgabat city, and the Turkmen Chemical Company. They discussed the progress of the recently awarded $1 billion mineral fertilizer plant project and explored opportunities for further business expansion.
The mineral fertilizer plant project, for which Daewoo E&C was selected as the contractor last month, is currently in the contract preparation stage. Once the financing arrangements are finalized, the contract is expected to be signed. The plant, located in Turkmenabat, Turkmenistan's second-largest city, will have an annual production capacity of 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate.
"I would like to express my gratitude for selecting Daewoo E&C as the contractor for the Turkmenabat mineral fertilizer plant project," said Chairman Jung. "As a leading Korean general contractor with extensive experience and technological capabilities in construction, chemicals, energy, and new city development, Daewoo E&C hopes to contribute to Turkmenistan's economic development through continued investment in this country with abundant energy resources and construction potential."
With this project, Daewoo E&C has successfully entered the Central Asian market and is now exploring opportunities for additional projects such as power plants, industrial complexes, and new city developments.
"Turkmenistan is a resource-rich country with promising opportunities for various infrastructure projects, including new city developments similar to our successful Star Lake City project in Vietnam," said a Daewoo E&C official. "By successfully completing the mineral fertilizer plant project, we aim to showcase Daewoo E&C's technological capabilities and competitiveness, contributing to the economic development of Turkmenistan and enhancing the reputation of South Korea as a leading construction nation."
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