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South Korea and Turkmenistan Seal Deal on Major Gas Plant Projects

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Newsis

South Korean President Yoon Suk Yeol is currently visiting Turkmenistan and has decided to strengthen the partnership between South Korea and Turkmenistan. The two countries agreed to expand cooperation in energy and plant businesses in Turkmenistan, the world’s fourth-largest holder of natural gas, to broaden the participation of South Korean companies.

After a summit with Turkmenistan President Gurbanguly Berdimuhamedow at the Presidential Palace in Ashgabat on June 10, Yoon announced, “We have decided to continue to strengthen the energy plant cooperation that has led our bilateral relationship.”

The two countries adopted a Korea-Turkmenistan Joint Statement that includes strengthening economic cooperation such as expanding energy plant project orders, building a mutually beneficial economic cooperation relationship based on the Trade and Economic Cooperation Agreement, expressing agreement and support for the complete denuclearization of North Korea, and supporting the K-Silk Road initiative.

The energy plant cooperation is underpinned by two agreements signed this time. During this visit, Hyundai Engineering, Turkmenistan Gas Corporation, and Chemical Corporation signed the Basic Agreement for the 4th Desulfurization Facility of Galkynysh Gas Field and the Agreement for the 2nd Stage of Normalization of Kiyanly Polymer Plant. Hyundai Engineering secured the second large-scale gas desulfurization facility project after winning the first phase of the Galkynysh Gas Field in 2009.

The Kiyanly Polymer Plant, which Hyundai Engineering won in 2013 and whose operation was suspended last year, is pushing for a three-stage normalization project by the Turkmenistan government. It has set the stage to continue cooperation in the 2nd and 3rd stages such as reconstruction, operation, and maintenance following the already ordered 1st stage technical audit.

The signing of the Trade and Investment Promotion Framework will also expand trade and investment between the two countries.

The two countries agreed to enhance cooperation in the construction and infrastructure sectors based on the Infrastructure and New City Cooperation MOU. They also plan to continue additional cooperation in shipbuilding and transportation infrastructure enhancement.

Yoon confirmed Turkmenistan’s support for the Korea-Central Asia K-Silk Road initiative announced just before he toured three Central Asian countries.

Yoon stated, “I explained in detail to Berdimuhamedow about the initiative announced just before our government’s tour and the plan to hold the first Korea-Central Asia summit,” and added, “Berdimuhamedow expressed his full support for this.”

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