Daewoo E&C announced that it had signed a contract with Turkmenhimiya, the state chemical corporation of Turkmenistan, to build a $784 million (approximately KRW 1.081 trillion) phosphate fertilizer plant in the eastern city of Turkmenabat. Daewoo E&C President Kim Bo-hyun personally attended the ceremony, highlighting the project’s significance.
This contract follows Daewoo E&C’s selection as the final bidder last October and a memorandum of understanding signed in April. Under the agreement, Daewoo E&C will construct a plant capable of producing 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate annually, along with associated facilities. The construction period is expected to be 37 months from the start date.
The deal represents approximately 10.3% of Daewoo E&C’s 2023 consolidated sales, making it a landmark project not only as the company’s first entry into the Central Asian market but also as a key milestone in its effort to diversify its global project portfolio.
With this deal, Daewoo E&C plans to expand further into Central Asia by targeting petrochemical, fertilizer, and infrastructure projects, including new city developments.
A company official stated, “We will concentrate our technical and project management expertise to deliver a world-class production facility,” adding, “Following our achievements in Iraq, Nigeria, and Libya, we are now focused on securing additional large-scale contracts in Central Asia.”
Daewoo E&C continues to solidify its position as a global construction leader, leveraging its proven track record in complex plant and infrastructure projects across the Middle East and Africa.
Source: The Korea Post