Daewoo E&C chairman discusses expansion plans in Turkmenistan

Daewoo E&C Chairman Jung Won-ju (second from left) and Baymyrat Annamammedov (first from left), Turkmenistan's deputy prime minister for construction, industry and electric power industry attend CIET2024 in Ashgabat, Turkmenistan, on Nov. 5. (Daewoo E&C)

South Korean builder Daewoo Engineering & Construction said Monday that Chairman Jung Won-ju recently visited Turkmenistan to attend CIET2024, an annual event focusing on the country’s construction, industrial and energy sectors.

During the event, which took place in the capital Ashgabat from Nov. 3 to Nov. 5, Jung met with key officials to discuss Daewoo’s plans for local business growth, building on the company’s recent win of a mineral fertilizer plant project in Turkmenistan, Daewoo E&C said.

On Nov. 5, Jung held discussions with Baymyrat Annamammedov, Turkmenistan's deputy prime minister for construction, industry and electric power industry, along with other senior officials.

In his meeting with Annamammedov, Jung expressed his appreciation for selecting Daewoo as the contractor for the mineral fertilizer plant project. “As a leading South Korean construction company, Daewoo looks forward to supporting Turkmenistan’s economic growth through steady investment in this resource-rich nation.”

The fertilizer plant, located in Turkmenabat about 450 kilometers east of Ashgabat, will be capable of producing 350,000 metric tons of phosphate fertilizer and 100,000 tons of ammonium sulfate annually. The project is currently in the precontract stages, with financing arrangements expected to be finalized soon.

Jung also met with Ashgabat Mayor Rahym Gandymov, who requested Daewoo’s support for new urban development plans in the capital, including smart city infrastructure, new towns, and high-rise buildings. Jung assured Gandymov that Daewoo is fully committed to supporting these plans with its experience and technical expertise.

Reflecting on Jung’s visit, a Daewoo E&C official noted, “Turkmenistan presents a promising opportunity for us, similar to our Starlake City project in Vietnam. We’re focused on establishing Turkmenistan as a key market in Central Asia, showcasing Daewoo’s capabilities and contributing to local economic development.”

By Hwang Joo-young(flylikekite@heraldcorp.com)