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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

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