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4w ago

Daewoo E&C Finalizes $784 Million Deal for Fertilizer Plant in Turkmenistan

The South Korean builder's first major project in Central Asia aims to produce phosphate and ammonium sulfate fertilizers, with completion expected in 37 months.

This photo, provided by Daewoo Engineering & Construction Co., on May 26, 2025, shows a recent signing ceremony for a contract for the South Korean builder to construct a large-scale mineral fertilizer plant in Turkmenistan. (PHOTO NOT FOR SALE) (Yonhap)

Overview

  • Daewoo Engineering & Construction Co. signed the $784 million contract on May 24, 2025, with Turkmenhimiya, Turkmenistan's state-owned chemical company.
  • The fertilizer plant, located in Turkmenabat, will produce 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate annually.
  • The project represents approximately 10% of Daewoo E&C's 2024 annual sales, highlighting its financial and strategic importance.
  • Construction is scheduled to be completed 37 months after groundbreaking, marking a significant timeline for the company's first large-scale venture in Central Asia.
  • Daewoo E&C plans to leverage the project to expand its presence in Central Asia and pursue additional contracts in Iraq, Nigeria, and Libya.