ASHGABAT, Turkmenistan, October 21. Daewoo Engineering & Construction has won the bid to build a large-scale mineral fertilizer plant in Turkmenistan, marking a significant step in the company’s expansion into Central Asia, Trend reports via the company.
The Daewoo E&C announced that the project, valued at approximately $730 million, will be located in Turkmenabat, about 450 kilometers east of the capital, Ashgabat.
The new facility will have a production capacity of 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate annually. It will also feature various auxiliary facilities to support production.
This project is a key part of Daewoo E&C’s broader strategy to strengthen its presence in Central Asia, where the company is also eyeing opportunities in infrastructure development and eco-friendly initiatives. In addition to petrochemical and fertilizer ventures, Daewoo E&C plans to offer various sustainable solutions to foster future collaboration with Turkmenistan.
The company's success in securing the bid was largely attributed to support from the South Korean government, including backing during President Yoon Suk Yeol’s official visit to Turkmenistan in June. Daewoo E&C also highlighted the role of its chairman, Jung Won-ju, who has been instrumental in building strong ties with Turkmen officials. Jung's meeting with Gurbanguly Berdimuhamedov, chairman of the People's Council of Turkmenistan, in November 2022, was a pivotal moment, leading to a memorandum of understanding between the two parties.
To note, Daewoo E&C opened a branch in Ashgabat on October 31, 2023, marking its strategic entry into the Central Asian market.