Azernews.Az

By Aynur Jafarova

Japanese Toyo Engineering Corporation will construct a large gas chemical complex in Turkmenistan.

The relevant agreement was signed with Turkmengaz State Concern in collaboration with Hyundai Engineering Co., Ltd., Hyundai Engineering & Construction Co., Ltd. and LG International Corporation, the company said on May 12.

The total investment amount is $3 billion while the agreement with the Japanese company is worth $800 million.

This is the first project of a Japanese company in Turkmenistan, and is scheduled for completion in 2018.

The complex will produce ethylene, high density polyethylene and polypropylene from natural gas produced on the coast of the Caspian Sea.

The production of the future enterprise is designated for exports to the European Union and Asian countries.

Turkmenistan's chemical industry is one of the fastest growing sectors of its national economy that has enormous resource potential. The country intends to develop a national chemical industry, which will be strategically important for Turkmen national economy.

Turkmenistan's resource capabilities also make it possible to produce all kinds of fertilizers in volumes that fully meet domestic needs. The presence of vast gas reserves in Turkmenistan facilitates the construction of new facilities for producing nitrogen fertilizers, particularly carbamide. This valuable natural resource is the main raw material in the manufacturing process.

Turkmenistan is considering the opportunities available for Japanese companies in joint investment projects in petrochemical, gas processing, electro-technical, and other sectors of the industry.

Japan's high technologies and Turkmenistan's rich natural resources are complementary, business circles in Tokyo believe.

According to business circles in Tokyo, high technologies of Japan and rich natural resources of Turkmenistan are complementary.