Ashgabat, Turkmenistan, May 24
By Huseyn Hasanov – Trend:
Turkmenistan’s national oil and gas company NAPECO and South Korea’s LG have reached an agreement on setting up a joint venture to sell gas-chemical products of Turkmenistan on the world market, Trend reports referring to a source close to the negotiations.
This includes the production of the complex in the coastal village of Kiyanly located in Balkan Region of Turkmenistan, commissioned in 2018.
The design capacity is 386,000 tons of polyethylene and 81,000 tons of polypropylene. The project was implemented by Japan’s Toyo and South Korea’s LG and Hyundai. The $3.4-billion project was supported by the Japan Bank for International Cooperation, the Export-Import Bank of Korea and a syndicate of financial institutions in Japan, Germany, France, China, Italy, Austria and Switzerland.
The company was built on the basis of licensed technologies of Ineos (the Netherlands), Greas (the US) and Toyo (Japan). Granulated polypropylene is valued in global markets, being used in the manufacture of polymer films, artificial fibers, high-strength sheet thermoplastics and, accordingly, all kinds of polymer products. Polyethylene also has an export potential.
It is possible to arrange the production of various pipes and consumer goods on its basis. High density polyethylene is a solid, durable and rigid thermoplastic used for injection molding and blow molding of containers used in households and industries.
The main areas of activity of NAPECO, created by the instructions of the President of Turkmenistan, include exploration and drilling, oil and gas production, and implementation of international projects in the fuel and energy sector.