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Daewoo E&C signs $700M deal to build fertilizer plant in Turkmenistan, boosting agritech growth.
In a strategic bid to strengthen agritech and fertilizer production in Central Asia, Daewoo Engineering & Construction has entered into a $700 million framework agreement with Turkmenistan's state-owned chemical enterprise, Turkmenhimiya, to construct a massive fertilizer plant in the country's eastern region.
The deal, sealed in Seoul, was brokered by South Korea's Ministry of Trade, Industry and Energy. The plant will specialize in the production of phosphoric acid from phosphate rocks, a key raw material used in the manufacture of phosphate-based fertilizers. Upon completion by 2029, the factory will be able to produce 300,000 tons of fertilizers annually, contributing significantly to regional agricultural development.
Resource-rich Turkmenistan is intent on building its local fertilizer business to support its agriculture sector as well as for more exports. The new facility will be instrumental in further developing Turkmenistan's agritech sector by bringing in new fertilizer processing technologies.
After the signing, Korea's Industry Minister Ahn Duk-geun met with Turkmen Industry Minister Baymyrat Annamammedov to discuss further cooperation on industrial chemical and plant development projects. Both countries showed shared interest in forging closer ties between the chemical and construction sectors.
A Daewoo E&C representative said, "Turkmenistan is one of our focus areas that we hope will be a strategic hub for the fertilizer and construction business in Central Asia. This project is a big step in opening our agritech businesses to the world."
The evolution puts increasing international demand for efficient and sustainable alternatives in fertilizer and positions Turkmenistan and Daewoo in the middle of chemical processing and agricultural input innovation.
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