President Berdimuhamedov said the complex would be built in Kyyanli village in the Balkan province and would be constructed with the help of the Turkmen State Concern for Oil and Gas ‘Turkmengaz’, and a consortium of Japanese and South Korean firms, including Toyo Engineering, LG Engineering and Hyundai Engineering, reports State News Agency of Turkmenistan (TDH).
According to Mr. Berdimuhamedov, the contract for the construction of the complex was signed between the state concern and the Japanese-South Korean consortium during the President’s visit to Japan in September 2013.
The preparations are underway for laying the foundation stone of the complex in Kyyanli village near the oil and gas field of ‘Mahtumkuli’, located in the Turkmen sector of the Caspian Sea, he added.
The complex forms part of a number of industrial projects worth US$ 10 billion to be built in Turkmenistan, with support from the Japanese-South Korean consortium, the President informed.
Mr. Berdimuhamedov also said that last September, the State Bank for Foreign Economic Affairs of Turkmenistan and the Japanese Bank for International Cooperation (JBIC) signed a cooperation agreement for the implementation of these large-scale projects in the country.
The complex would allow Turkmenistan, within five years, to establish widespread production of polypropylene and polyethylene, which is used as feedstock in various industries, including textiles, he added.
Fibre2fashion News Desk - India
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