Hyundai Engineering has signed two significant business agreements with Turkmenistan’s state-owned companies for the development of gas and petrochemical plants. The deals were finalized as part of the Three Central Asian Country Economic Mission of Korea, which aims to bolster economic cooperation between Korea and Turkmenistan. This mission is a key component of President Yoon Suk-yeol’s Central Asia tour.
During the mission’s inaugural day, Hyundai Engineering participated in a signing ceremony at the Oguzhan Presidential Palace in Ashgabat, where the Korea-Turkmenistan Joint Statement and MOU were formalized.
Hyundai Engineering inked a framework agreement (FA) with Turkmengas, Turkmenistan’s state-run gas company, for the fourth phase of the Galkynysh Gas Field development project. The ceremony saw the presence of Korean President Yoon and Turkmen President Serdar Berdimuhamedow, alongside Hyundai Engineering CEO Hong Hyun-sung and Turkmengas Chairman Maksat Babayev.
The Galkynysh Gas Field project, a top priority for the Turkmen government, involves developing 30 gas wells and constructing facilities capable of processing 10 billion cubic meters of natural gas annually. The FA brings Hyundai Engineering closer to securing the engineering, procurement, and construction (EPC) contract, including front end engineering design (FEED).
Additionally, Hyundai Engineering signed a cooperation agreement (CA) with Turkmenhimiya, the state-owned chemicals corporation, for the second phase of the Kiyanly Polymer Plant Normalization Project. This agreement was signed by Hyundai Engineering’s CEO and Turkmenhimiya Chairman Dobrangeldi Sabayev.
The Kiyanly Polymer Plant, completed in 2018 but currently non-operational, is undergoing a technical audit by Hyundai Engineering. The audit results will inform the restoration project (phase 2), set to commence this year. Following the restoration, an operation and maintenance (O&M) project (phase 3) will be initiated, providing operator training and establishing an operational manual.
These agreements mark a significant step in strengthening economic ties between Korea and Turkmenistan, positioning Hyundai Engineering as a pivotal player in Turkmenistan’s industrial development.
