On Friday, Daewoo Engineering & Construction announced the commencement of a $784 million mineral fertilizer plant in Turkmenistan, marking a significant milestone in enhancing its global footprint.

Source: KoreaHerald

Project Overview

Set for completion in 2028, the facility will be capable of producing 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate each year. This initiative represents the company's inaugural direct contract with the Turkmen government. Phosphate fertilizer and ammonium sulfate are essential components for modern high-yield agricultural systems.

Groundbreaking Ceremony

The groundbreaking ceremony took place in Turkmenabat, the nation’s second-largest city, on Wednesday, attended by:

• Daewoo E&C Chairman Jung Won-ju
• President Serdar Berdimuhamedov
• Bymyrat Annamammedov, Deputy Prime Minister for Construction, Power and Industry
• Other senior executives and government officials

On Tuesday, Jung engaged with Gurbanguly Berdimuhamedov, Turkmenistan’s national leader and chairman of the People’s Council, where he committed to ensuring the project's successful execution. Additionally, he provided updates on Daewoo’s ongoing petrochemical initiatives and large-scale infrastructure proposals, seeking further collaboration to promote Turkmenistan’s industrial modernization.

Strategic Importance

Having visited Turkmenistan six times, Jung has acknowledged the country's strategic significance as a growth center for Daewoo E&C. Through a series of meetings with national leaders, the president, and senior ministers, he has actively investigated opportunities in canal, railway, and plant infrastructure projects.

Economic Diversification

The new mineral fertilizer plant is part of Turkmenistan’s initiative to diversify its economy. As the country ranks fourth globally in natural gas reserves, it aims to shift from a resource-dependent model to one that emphasizes high-value chemical production and industrial growth. The facility is anticipated to enhance agricultural productivity, fortify food security, and generate local jobs and technical expertise through on-site training and technology transfers.

Expanding Operations

To solidify its presence in Turkmenistan, Daewoo E&C established a branch office in the capital, Ashgabat, in October 2023. Since then, the company has broadened its operations in urban development, large-scale infrastructure, and petrochemical projects, capitalizing on its global experience and engineering prowess.