Daewoo Engineering & Construction(E&C) has signed a framework agreement for a phosphate fertilizer plant project in Turkmenistan, worth 700 million U.S. dollars.

The Ministry of Trade, Industry and Energy disclosed that the contractor signed a deal with Turkmenistan State Chemical Corporation or Turkmenhimiya in Seoul on Friday to build a plant to roll out 350-thousand tons of phosphate fertilizer and 100-thousand tons of ammonium sulfate per year in Türkmenabat.

Daewoo E&C was selected as the preferred bidder in October 2024, and the two sides plan to finalize the deal this year.

The Ministry also added Minister Ahn Duk-geun and his Turkmen counterpart, Baymyrat Annamammedov, signed a bilateral cooperative agreement on the project the same day.

After the signing ceremony, Ahn Duk-geun met with Baymyrat Annamammedov to discuss ways to expand bilateral cooperation on other industrial plant projects.