BAKU, Azerbaijan, October 6. South Korea’s Yousung Co., Ltd. and Turkmenistan’s Balkan plant plan cooperation on oil and gas facilities and a hot-dip galvanizing plant.
Yousung provided the information in an exclusive response to Trend’s questions about its recent memorandum of understanding (MoU) with the Balkan Shipbuilding and Ship Repair Plant in Turkmenistan.
Despite the name of the Turkmen company, Yousung clarified that the agreement is not related to shipbuilding. Instead, the MoU concerns "the establishment of oil and gas facilities, as well as a hot-dip galvanizing plant," Yousung said.
The company did not specify what particular oil and gas facilities or galvanizing equipment are envisaged under the agreement.
Yousung also said that the timeline for turning the MoU into concrete projects has not yet been determined.
The company said the sides are still discussing the detailed conditions and specifications of the project. Therefore, further details on implementation are not available at this stage.
At the same time, Yousung confirmed that the planned cooperation includes technology transfer and long-term cooperation, adding that further details of the agreement are currently under internal discussion.
For reference, Yousung Co., Ltd. is a South Korean industrial company whose activities include metal manufacturing and hot-dip galvanizing. The company is based in Yangsan, Gyeongsangnam-do, and its registered main product is hot-dip galvanizing.
The Balkan Shipbuilding and Ship Repair Plant is a Turkmen shipbuilding and ship repair facility located within the country’s maritime infrastructure. According to Turkmenistan’s State Service of Maritime and River Transportation, the plant is designed to build four to six vessels and repair 20 to 30 vessels annually.
The MoU between Balkan Shipbuilding and Ship Repair Plant and Yousung was signed in Seoul on September 15, 2026, during Turkmen President Serdar Berdimuhamedov’s state visit to South Korea and his talks with South Korean President Lee Jae Myung. The document was part of a broader package of bilateral agreements and memorandums signed during the visit.
