Ashgabat, Turkmenistan, April 23
By Huseyn Hasanov- Trend:
The ceremony of laying the industrial complex for polyethylene and polypropylene production worth more than $3 billion was held in the Caspian settlement of Kiyanly, Balkan region, Turkmenistan on April 22, a source close to the Turkmen fuel and energy complex told Trend on April 22.
The production capacity of the complex will hit 386,000 tons of polyethylene and 81,000 tons of polypropylene per year. A South Korean consortium consisting of TOYO Engineering Corporation, LG International Corporation and Hyundai Engineering Corp. Ltd will be involved in the construction operations, according to the statement.
Turkmen President Gurbanguly Berdimuhamedov stressed that the construction of this complex is stipulated by huge natural gas reserves and plans on diversifying the country's export potential.
It was reported in November 2013 that several industrial facilities worth $ 10 billion will be built in Turkmenistan in the near future by using Japanese capital. The list includes the project of the gas chemical complex in Kiyanly.
The Turkmen State Bank for Foreign Economic Affairs and the Japanese Bank for International Cooperation (JBIC) signed a cooperation agreement to implement a large-scale project in September 2013.
Turkmenistan holds one of key positions in the region for the natural gas supply. China, Russia and Iran are importers.
At the same time, the Turkmen leadership chose a course for economic diversification. Oil and gas processing, textile industry, cotton processing industry and building material production have been developing recently.
Translated by NH
Edited by CN