Japanese TOYO Engineering Corporation has signed a contract with the state-run concern Turkmengas in tandem with the South Korean consortium Hyundai Engineering Co., Ltd., Hyundai Engineering & Construction Co., Ltd. and LG International Corporation.
The Japanese company reported that the contract envisages construction of the gas chemical complex in Turkmenistan. The contract with the Japanese company is estimated at $800 million in the total sum of the deal worth $3 billion.
This is the first contract of TOYO in Turkmenistan and it is planned to be complete it in 2018. The complex will manufacture ethylene, high density polyethylene and polypropylene of natural gas extracted on the Caspian Sea coast. The products are going to be exported to the EU member-states and Asia.
Laying of foundation of the industrial complex for manufacture of polyethylene and polypropylene worth over $3 billion took place in Kiyanli district, Balkan province of Turkmenistan on April 22, 2014. The commercial capacity of the complex will total 386,000 tons of polyethylene and 81,000 tons of polypropylene a year.