A US$1.4bn Project
Hyundai Engineering has signed a memorandum of understanding (MOU) with the Federation of Turkmenistan Industrial Entrepreneurs for a US$1.4 billion ammonia urea fertilizer plant project.
A signing ceremony was held at a Korea-Turkmenistan business meeting held on Nov. 29 at the Lotte Hotel in Seoul with the attendance of Hong Hyun-seong, CEO of Hyundai Engineering, and Dovran Hudayberdyyev, president of the Federation of Turkmenistan Industrial Entrepreneurs.
The ammonia urea fertilizer plant will be built in the Balkan region in the west of Turkmenistan. When completed, the plant will produce 1,155,000 tons of urea fertilizers and 665,000 tons of synthetic ammonia annually, greatly contributing to improving agricultural production and job creation in Turkmenistan.
Meanwhile, Hyundai Engineering started with a US$1.4 billion Galkynysh gas desulfurization facility project in Turkmenistan in 2009, followed by a US$530 million Turkmenbashi oil refinery in 2012 and the US$240 million Kiyanli project in 2014. It has carried out a number of mega projects, including a US$240 million crude oil processing plant and an ethane cracker and a PE/PP production plant, both of which cost US$3.44 billion.