Turkmenistan to independently build mining plant

Oil&Gas Materials 18 March 2018 13:51 (UTC +04:00)

Ashgabat, Turkmenistan, March 18

By Huseyn Hasanov – Trend:

The Union of Industrialists and Entrepreneurs of Turkmenistan, according to a presidential decree, will receive a state loan of up to $600 million.

The loan at three percent per year and with a four-year grace period is calculated for 11 years to finance the construction of a potash fertilizer plant in the Tubigatan potash field in the Lebap province.

The Central Bank of Turkmenistan was assigned to allocate this loan through the joint-stock commercial Rysgal bank, which belongs to the Union of Industrialists and Entrepreneurs.

The first such complex in the country was built by Belgorkhimprom in Lebap province. The opening ceremony of the industrial facility worth more than $1 billion was held in March 2017. The plant is intended for production of 1.4 million tons of fertilizers per year.