Japan to finance construction of large chemical facilities in Turkmenistan
Ashgabat, Turkmenistan, Nov.22
By Huseyn Hasanov- Trend:
A number of industrial facilities with total cost of $10 billion will be constructed with the participation of the Japanese capital in the near future, Ministry of Oil and Gas Industry and Mineral Resources of Turkmenistan said on Nov.22.
"This will include plants for converting natural gas into liquid fuels, gasoline production, production of high density polyethylene, gas and chemical complex for the production of polyethylene and polypropylene, a workshop for producing sulfuric acid at Turkmenabat chemical plant, plants for the production of sodium sulfate and detergents, as well as ammonia and urea in Garabogaz, enterprise for production of synthetic oil from associated gas," the information said.
It was earlier reported that the State Bank for Foreign Economic Affairs of Turkmenistan and the Japanese Bank for International Cooperation (JBIC) signed a cooperation agreement in September.
The government of Turkmenistan plans to construct a number of petrochemical plants and fertilizer plants using natural gas as feedstock. Within his visit to Japan on September 11-13, Turkmen president Gurbanguly Berdimuhamedov held a meeting with the JBIC president Hiroshi Okuda and discussed the possibility of attracting Japanese investment in the Turkmen economy.
Turkmenistan has experience in cooperation with Japanese investors. Their participation in projects for modernization of the fuel and energy complex (FEC), in particular in the modernization of the largest oil refinery in the Caspian country which is located in Turkmenbashi is particularly noticeable.