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Daewoo E&C chief meets with Turkmenistan leaders

May 31, 2023 - 16:58 By Shim Woo-hyun
Daewoo E&C’s Chairman Jung Won-ju (left), who doubles as vice chairman of Jungheung Group, shakes hands with Gurbanguly Berdymukhamedov, chairman of the People’s Council of Turkmenistan and de facto leader of the Central Asian country, in its capital city of Ashgabat on Monday (local time). (Daewoo E&C)

Daewoo Engineering & Construction's Chairman Jung Won-ju, who doubles as vice chairman of Jungheung Group, met with Turkmenistan's president and other top officials to discuss new business projects in the Central Asian country, the South Korean builder said Wednesday.

According to the company, Jung met with Turkmenistan’s de facto leader Gurbanguly Berdymukhamedov, the former president who currently serves as chairman of the People’s Council, in the capital city of Ashgabat on Monday. Earlier in the day, the Daewoo E&C chief also held a meeting with President Serdar Berdymukhamedov, the leader’s son, at his residence.

During the meetings, the leaders discussed more details of the builder’s envisioned construction projects, including two fertilizer plants, following a memorandum of understanding signed last year.

Under the memorandum, Daewoo E&C is seeking to build Central Asia’s largest blue ammonia production facility in Balkan, through which it can export low-carbon energy to European countries.

The company said Jung also delivered his company’s intention to join an ongoing new city development project to the Turkmenistan leaders.

“Daewoo E&C will seek opportunities for sustainable growth with Turkmenistan, which has vast natural gas reserves. We will be able to help maximize the country’s potential based on our experience in building fertilizer plants in Morocco, Nigeria and Algeria,” a Daewoo E&C official said.

The company said the Turkmenistan leaders “responded positively” to the builder’s proposal, saying a deal-signing could take place before the year-end to start the construction no later than the second half of next year.

Meanwhile, the Turkmenistan government reportedly asked the Korean builder to join other state-led projects involving the construction of highways and water treatment and desalination plants.

The local officials also were said to have asked to build a long-term partnership for future projects in the fields of smart city development and renewable energy.

Jung also went on a tour around the city of Arkadag, a new administrative center and smart city that the government of Turkmenistan is currently building on some 10 million square meters of land, located 30 kilometers southwest of the capital city.

Jung’s four-day trip to Turkmenistan comes after Jung took office as chairman of Daewoo E&C last week. Construction-focused Jungheung Group, which is also the parent company of Herald Corp., publisher of The Korea Herald, acquired Daewoo E&C last year.