Turkmenhimiya begins constructing $700 mln mineral fertilizers plant

ASHGABAT. Oct 15 (Interfax) - The Turkmenhimiya state concern has begun constructing a mineral fertilizers production complex with a capacity of 450,000 tonnes per year at the Turkmenabat Chemical Plant, the Turkmenistan State News Agency reported.

Turkmen President Serdar Berdimuhamedov took part in the ceremony.

The project is being implemented by Turkmenhimiya jointly with the South Korean company Daewoo Engineering & Construction Co. Ltd., Berdimuhamedov said. The planned annual capacity of the new enterprise will be 350,000 tonnes of superphosphate and 100,000 tonnes of ammonium sulfate.

The chemical industry is a key point in the country's economic diversification strategy, he said. Turkmenistan is consistently transitioning from exporting raw materials to their deep processing.

As previously reported by the Business of Turkmenistan publication with reference to the Agency for Transport and Communications under the Turkmen government, Turkmenhimiya and Daewoo Engineering & Construction signed a framework agreement in April for the project to build a mineral fertilizers plant in Turkmenabat worth $700 million. The document was signed following negotiations between Turkmen Deputy Prime Minister for Construction and the Industrial Complex, Baimyrat Annamammedov, and South Korean Trade, Industry and Energy Minister Ahn Duk-geun.

Turkmenhimiya is the client and Daewoo Engineering & Construction is the general contractor. The construction of the complex is expected to be completed by 2029.