Ashgabat, Turkmenistan, Apr. 10
By Huseyn Hasanov- Trend:
The South Korean consortium composed of LG and Hyundai Engineering will modernize the refining capacities of Turkmenistan for $940 million, the message of Hundai Engineering said.
It is expected that an agreement on the modernization of refining capacities will be signed within the framework of the official visit of President of Turkmenistan Gurbanguly Berdimuhammadov to South Korea, which will be held April 11-14, said the message.
Earlier, the mentioned consortium signed a number of contracts with the fuel and energy complex of Turkmenistan in the amount of several billion dollars, in particular implemented the project in sphere of development of the field Galkynysh with the largest gas reserves in the country.
Turkmenistan plans to bring the capacities of the oil refining industry in 2020 to 20 million metric tons, by 2025 - to 22 million metric tons, by 2030 - to 30 million metric tons.
At present, Turkmenistan annually produces about 10 million metric tons of oil, most part of which is processed at local enterprises.