Home / Knowledge / News / Textiles / Japanese and Korean banks to fund PP plant in Turkmenistan
Japanese and Korean banks to fund PP plant in Turkmenistan
30
May '14
Turkmenistan President Gurbanguly Berdimuhamedov has signed a resolution related to financing of the proposed gas-chemical complex for manufacture of polypropylene (PP) and polyethylene in Balkan province.
 
The complex would be built in Kyyanli village in the Balkan province and would be constructed with the help of the Turkmen State Concern for Oil and Gas ‘Turkmengaz’, and a consortium of Japanese and South Korean firms, including Toyo Engineering, LG Engineering and Hyundai Engineering. It would have annual capacity to produce 81,000 tons of PP and 386,000 tons of polyethylene.
 
The document signed by President Berdimuhamedov allows the state bank of foreign economic relations of Turkmenistan (recipient), on behalf of the Government, to conclude an appropriate credit agreement for 10 years with the Japan Bank of International Cooperation (JBIC) and participating financial organizations (lenders).
 
The document also authorizes the recipient bank to conclude an appropriate agreement of loan for 10 years with the Korean export and import bank and participating financial organizations, as well as sign necessary documents related to these agreements and conduct necessary work connected with their commencement and management of the gas-chemical complex.
 
In a separate press release this month, Toyo Engineering Corporation said it has been awarded a contract to build a large gas chemical complex for State Concern ‘Turkmengas’, in collaboration with Hyundai Engineering Co. Ltd., Hyundai Engineering & Construction Co. Ltd., and LG International Corporation of Korea. 
 
The complex, Toyo’s first project in Turkmenistan, is scheduled to be completed in 2018. Toyo will be responsible for the engineering, procurement, and commissioning of the gas separation unit, ethylene and polypropylene production units.
 
Polymer products produced at this complex are planned to be exported and sold mainly in the Asia, EU and Turkish markets. 
 
The complex would allow Turkmenistan, within five years, to establish widespread production of polypropylene and polyethylene, which is used as feedstock in various industries, including textiles. 
 

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Textiles | On 10th Dec 2016

Indian textile hubs adopt cashless payment modes

The textile ministry is promoting cashless payment within the...

Interviews View All

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search