Daewoo E&C announced that it was chosen as the contractor for a mineral fertilizer plant project valued at approximately 1 trillion won by Turkmenhimiya, a state-run chemical company, on Oct. 18.
The mineral fertilizer plant project calls for constructing a mineral plant capable of producing 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate, as well as production equipment and auxiliary facilities Turkmenabat, 450 km east of Ashgabat, the capital of Turkmenistan.
The exact price of the project and construction period will be disclosed after the main contract of the project is struck, Daewoo E&C said.
Daewoo, being selected as the successful bidder of the project, has managed to secure a foothold in the new market of Turkmenistan, in Central Asia.
Turkmenistan is a country of high growth potential with rich resources.
Through the project, Daewoo E&C will try to land additional petrochemical or fertilizer project opportunities by aggressively exploring the local market.
It will also look for opportunities for new projects in diverse areas, such as infrastructure and new city development.
Daewoo E&C Chairman Jung Won-ju struck an MOU with Gurbanguly Berdimuhamedow, chairman of the People’s Council of Turkmenistan, who promised close cooperation, while touring Korea in November 2022.
Chairman Jung had played key roles in landing the project by having made a visit to Turkmenistan three times and communicating with the government of Turkmenistan.
Daewoo E&C Chmn. Jung Meets with Former Indonesian President Joko Widodo
Daewoo E&C Chmn. Jung Won-ju is devoting himself to expanding the contractor’s business to the Asian market by meeting with Indonesian and Vietnamese leaders.
Chairman Jung met with former Indonesian President Widodo at Indonesia’s presidential palace in Jakarta on Oct. 18 and discussed promoting cooperation, including participation in new projects.
Chairman Jung extended thanks to President Widodo’s efforts to improve relations between Korea and Indonesia, and discussed implementing projects successfully on the last day of the Indonesian president’s tour.
Chairman Jung expressed the Korean contractor’s intent to participate in not only Indonesia’s large-scale new city development projects and construction of infrastructure, including the submerged tunnel for the new capital, Nusantara, but also investments and construction of projects in the energy sector.
In return, President Widodo requested the contractor’s participation in hydro power projects using Indonesia’s rich water resources, and projects designed to implement the Indonesian government’s policies of expanding new and renewable energies and investments in the new capital city of Nusantara.
In particular, the Indonesian president shared incentives in place to attract foreign investors, including from Australia and Singapore and China. President Widodo asked for the contractor’s positive consideration of making investments.
Chairman Jung reconfirmed the contractor’s intent to enter the Indonesian market, including new development projects in the Jakarta metropolitan area, and expressed hope that President Widodo can accomplish his presidency successfully and the next government will continue to provide assistance and support.
Chairman Jung reconfirmed the contractor’s intent to participate in the Southeast Asian country by having a series of meetings with Indonesian notables, including Erick Thohir, Minister of State Owned Enterprise, and major Indonesian company officials, following his meeting with President Widodo.
A Daewoo E&C official said, “We’re exploring opportunities to participate in diverse infrastructure projects, connected with real estate development and the relocation of the capital in Indonesia whose construction market tops among 10 ASEAN states, and Daewoo E&C will continue to make efforts to expand new projects through close cooperation with the Indonesian government and partner companies.”
Daewoo E&C said Chairman Jung met with Hanoi Mayor Tran Sy Thanh and discussed ways of promoting cooperation to expand the contractor’s presence in Vietnam.
The Hanoi mayor came here on Oct. 19 to take his cue from advanced urban development examples and facilitate trade. He toured the Techno Valley in Pangyo, attended an investment conference on Hanoi and had meetings with major businessmen.
During his meeting with the Hanoi mayor on Oct. 21, Daewoo E&C Chairman Jung said, “the Hanoi Star Lake City New City project serves as a platform in which diverse Korean companies, including Samsung Electronics, CJ, Shilla Hotel and E-Mart, as well as global companies can enter Vietnam and we ask for Hanoi’s much concern and support for the swift completion of the Star Lake City.”
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