South Korea’s Hyundai Engineering said on Nov. 30 it has signed a Memorandum of Understanding (MOU) on business cooperation for the proposed Turkmenistan Ammonia Urea Fertilizer plant with the Turkmenistan Federation of Industrial Entrepreneurs. The project is worth $1.4 billion, according to the South Korean firm.
The MOU was inked at the Korea-Turkmenistan Corporate Conference held on Oct. 29, according to a report by the Korea Times.
The proposed location of the ammonia and urea plant is the Balkan region in the west of Turkmenistan, with a planned production capacity of 1.155 million mt/y of urea and 665,000 mt/y of ammonia. Hyundai did not comment on the timeline for the project.
South Korea’s Daewoo Engineering and Construction (E&C) also has inked an MOU for the ammonia and urea plant project, and will now conduct on-site due diligence according to a Business Korea report.
In a separate development, Daewoo E&C signed a second MOU with Turkmenistan on Nov. 29, to build a 300,000 mt/y capacity phosphate fertilizer production and auxiliary facilities at Turkmenabat in Lebap province near the border with Uzbekistan, according to the report.