Turkmenistan to sign loan agreement with South Korea and Japan
Ashgabat, Turkmenistan, May 30
By Huseyn Hasanov- Trend:
Turkmen President Gurbanguly Berdimuhamedov permitted the country's State Bank for Foreign Economic Affairs to sign corresponding 10-year loan agreements with the Japan Bank for International Cooperation and the South Korea Export-Import Bank.
The loans will be used to construct a gas chemical complex for producing around 386,000 tonnes of polyethylene and 81,000 tonnes of polypropylene per year in the country's Balkan province.
The aim is to successfully implement the program for development of Turkmenistan's oil and gas industry until 2030, produce high quality gas chemical products conforming to the international standards, by processing Turkmenistan's natural gas.
Japan's Toyo Engineering Corporation (TOYO) said in its press release in mid-May that it has signed a $3 billion worth contract with the Turkmengas state concern, together with South Korea's Hyundai Engineering Co., Ltd., Hyundai Engineering & Construction Co., Ltd. and LG International Corporation.
It is planned to complete this project in 2018. The complex will produce ethylene, high density polyethylene and polypropylene from natural gas produced on the coast of the Caspian Sea.
Export of the products of the future enterprise to EU and Asian countries is also planned.
Edited by C.N.