Daewoo Construction won the bid for Turkmenistan fertilizer plant project with an amount of US $0.784 billion.

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South Korea Daewoo Construction Company won the bid for Turkmenistan's $0.784 billion fertilizer plant project, marking its entry into the Central Asian market, with which it plans to expand its regional influence and expand its global business.

Recently, South Korea construction giant Daewoo Engineering & Construction Co. announced that it has signed a major $0.784 billion contract with Turkmenistan's state-owned chemical company Turkmenhimiya to build a large mineral fertilizer plant in Turkmenistan. This project not only marks Daewoo Construction's official entry into the Central Asian market, but also adds another important link to its global strategic layout.

The signing ceremony of the contract was held in Turkmenistan on Saturday and was witnessed by Kim Bo-hyun, CEO of Daewoo Construction. Previously, Daewoo Construction emerged as the preferred bidder for the project in October last year and signed a framework agreement last month.

In  the fertilizer plant will be located in Turkmenistan's second largest city, Turkmanabat, about 450 kilometers east of the capital Ashgabat. After the completion of the project, it is expected to produce 350000 tons of phosphate fertilizer and 100000 tons of ammonium sulfate fertilizer each year, effectively meeting the agricultural needs of the local and surrounding areas.

It is worth noting that the amount of this contract accounts for about 10% of Daewoo Construction's estimated annual sales in 2024, indicating the importance and scale of the project. According to the plan, the entire project will be completed within 37 months after breaking ground.

Daewoo Construction said that it will make full use of this opportunity to further expand its market share in Central Asia and actively seek more cooperation opportunities in petrochemical, fertilizer-related industries and urban development projects. A company official stressed: "We will do our best to mobilize all resources to ensure a world-class fertilizer production facility. At the same time, we will continue to strengthen our global footprint and plan to advance more overseas projects in countries such as Iraq, Nigeria and Libya this year."

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