Daewoo Engineering & Construction Co. has been named the preferred bidder for a 1 trillion won ($760 million) mineral fertilizer plant project in Turkmenistan, marking a significant expansion of South Korean business interests in Central Asia.
The Turkmenabat Mineral Fertilizer Plant, set to produce 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate annually, is a key component of Turkmenistan’s agricultural development strategy. The final contract details, including exact costs and timeline, are yet to be disclosed.
This deal follows a series of diplomatic exchanges, including South Korean President Yoon Suk-yeol’s June visit to Turkmenistan and multiple trips by Daewoo E&C Chairman Jung Won-ju. These efforts culminated in the company’s selection, underscoring the growing economic ties between the two nations.
Daewoo E&C, positioning itself as a leader in eco-friendly technology and innovation, views this project as a stepping stone to further expansion in the global EPC market. The company’s involvement is expected to bring substantial economic benefits to Turkmenabat, including job creation and technological advancements.
As Turkmenistan seeks to boost its agricultural sector, this project represents a strategic investment in the country’s economic future, while solidifying South Korea’s role as a key partner in Central Asian development.
