Turkmenistan, Ashgabat, July 11 / Trend H. Hasanov /
The Turkmenhimiya State Concern will conclude an additional agreement with Belgorkhimprom (Belarus) within the potash production plant construction project which has been implemented since 2010. Potash fertilisers are being extracted at Garlyk fertiliser potash deposit in the Lebap province, an official Turkmen source said today.
The corresponding decree was signed by Turkmen President Gurbanguly Berdimuhamedov.
Turkmenhimiya signed a contract with Belgorkhimprom (Belarus) in early 2010, which ensures construction and commissioning of the plant in early 2015.
According to the additional agreement, the total cost of the contract will be brought up to $1.126 billion due to the increased amount of value-added taxes on the project. These are associated with a loan to the amount of $150 million allocated by Turkmen banks instead of the credit for this amount from the Belarusian financial institutions to finance this plant construction.
The Turkmen President's new decree stressed that this will serve the objectives of successful implementation of the tasks assigned to the chemical industry of the country.
According to the document, Turkmenhimiya is also authorised to sign a loan agreement for a period of 10 years under five per cent per annum and a four-year grace period with the state commercial bank Turkmenbashi to the sum of $150 million at the expense of the Turkmen Central Bank.
A mine for potash extraction is being constructed in difficult geological conditions.
The builders will have to take into account the increased seismicity of the mountain area.
The Garlyk field development is one of the richest potash deposits. It will allow extraction of 1.4 million tons annually.
The new production will fully ensure the needs of the country's agriculture and enabling the delivery of thousands of tons of valuable fertilisers for export annually.