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S. Korea, Turkmenistan Sign 8 Agreements for Bilateral Cooperation

Written: 2024-06-11 08:57:25Updated: 2024-06-11 13:36:09

S. Korea, Turkmenistan Sign 8 Agreements for Bilateral Cooperation

Photo : YONHAP News

South Korea and Turkmenistan signed eight agreements for bilateral cooperation on Monday on the occasion of President Yoon Suk Yeol’s state visit to the resource-rich Central Asian nation.

Hyundai Engineering signed a framework agreement with Turkmenistan's state-run Turkmengas for the fourth desulfurization facility at the Galkynysh gas field with Yoon and Turkmen President Serdar Berdimuhamedow present. 

The gas field is one of the world’s largest, with its reserves reaching 14 trillion cubic meters, which is enough to fuel the global population for five years. 

Hyundai Engineering also signed a cooperation agreement with Turkmenistan's state-run chemical corporation to resume operations at the Kiyanly Polymer Plant.

With Yoon’s state visit, opportunities have expanded for South Korean companies seeking to win energy and power plant deals in Turkmenistan, which ranks fourth in the world in terms of natural gas reserves. 

On the occasion of Yoon’s state visit, the two nations signed a Trade and Investment Promotion Framework(TIPF) deal, a nonbinding agreement that calls for enhancing economic ties and facilitating cooperative exchanges in various areas.

The two nations also signed memoranda of understanding(MOUs) to activate a joint cooperation committee between their governments, to boost cooperation in infrastructure projects and the development of new cities and promote cooperation between their financial institutions.

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