Daewoo Engineering & Construction Co. inked a framework agreement with Turkmenistan’s state chemical corporation for a $700 million fertilizer plant, marking a significant step toward finalizing the construction contract that has been in development since last year.
The agreement, signed in Seoul with Turkmenistan’s state-owned chemical firm, Turkmenhimiya, follows Daewoo’s selection as the preferred bidder for the project in October. The signing ceremony at the Four Seasons Hotel in Seoul was attended by high-level officials from both countries, including South Korean Industry Minister Ahn Duk-geun and Turkmenistan’s Deputy Prime Minister for Construction and Industry Baymyrat Annamammedov.
The Turkmenabat facility will produce 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate annually when completed. It represents Daewoo’s first major venture into Central Asia’s construction market and a key component of expanding Korea’s economic footprint in the resource-rich region.
Prior to the signing, the Turkmen delegation visited strategic Daewoo projects including the Ulsan North Port Korea Energy Terminal and Geoga Bridge to evaluate the company’s capabilities in petrochemical plants and underwater immersed tunnels.
Daewoo has been maneuvering to secure this deal since 2022, when company officials first engaged with Turkmen leadership about potential partnerships. The construction giant aims to finalize the main contract within this year as it eyes further projects in the Central Asian nation’s infrastructure and urban development sectors.
