POSCO to Construct Iron Manufacturing Plant in Turkmenistan Valued at $1 billion
04/27/2015 - POSCO Group will construct an iron manufacturing plant in Turkmenistan. Daewoo International signed a MOU for the construction project of the iron manufacturing plant for producing reinforced steel and pipe with a value of 1 billion dollars with the Ministry of Industry of Turkmenistan while attending the summit of both Korea and Turkmenistan on April 13th.
This project is to construct a iron manufacturing plant with an annual capacity of 1 million tons in Turkmenistan, the potential strategic country of Daewoo International.
POSCO E&C is expected to take charge in EPC (Engineering, Procurement and Construction) as well as O&M (Operation and Management) in this project. This is the first step of POSCO E&C`s entrance into Turkmenistan, and it is also expected to maximize synergy effects of joint business with Daewoo International.
An official of Daewoo International said, ``Turkmenistan is planning industry acceleration based on abundant natural resources in Turkmenistan by benchmarking Korea`s economic growth model. By using the participation in the construction of the iron manufacturing plant as momentum, we will actively push forward with a tractor manufacturing business for local agriculture in the future and main infrastructure projects, including transport, electricity and communications.``
Meanwhile, Korea and Turkmenistan signed the Basic Agreement and MOU regarding the construction of a gas, oil refining and iron manufacturing plant valued at a total of 6 billion dollars. President Park Geun Hye and President of Turkmenistan Gurbanguly Berdimuhamedov held a summit at Cheongwadae. Right after the summit, Korean companies and government officials of Turkmenistan signed the documents.
After the summit, Korean companies, including Daewoo International, POSCO E&C and LG International, signed 8 agreements and MOUs, including the Basic Agreement for the gas plant construction project, the contract for the modernization project of an oil refinery, and a MOU for the construction of the iron manufacturing plant with the government agencies such as the Ministry of Oil and Mineral Resources during the summit of the two countries.
Source: www.posco.com
POSCO E&C is expected to take charge in EPC (Engineering, Procurement and Construction) as well as O&M (Operation and Management) in this project. This is the first step of POSCO E&C`s entrance into Turkmenistan, and it is also expected to maximize synergy effects of joint business with Daewoo International.
An official of Daewoo International said, ``Turkmenistan is planning industry acceleration based on abundant natural resources in Turkmenistan by benchmarking Korea`s economic growth model. By using the participation in the construction of the iron manufacturing plant as momentum, we will actively push forward with a tractor manufacturing business for local agriculture in the future and main infrastructure projects, including transport, electricity and communications.``
Meanwhile, Korea and Turkmenistan signed the Basic Agreement and MOU regarding the construction of a gas, oil refining and iron manufacturing plant valued at a total of 6 billion dollars. President Park Geun Hye and President of Turkmenistan Gurbanguly Berdimuhamedov held a summit at Cheongwadae. Right after the summit, Korean companies and government officials of Turkmenistan signed the documents.
After the summit, Korean companies, including Daewoo International, POSCO E&C and LG International, signed 8 agreements and MOUs, including the Basic Agreement for the gas plant construction project, the contract for the modernization project of an oil refinery, and a MOU for the construction of the iron manufacturing plant with the government agencies such as the Ministry of Oil and Mineral Resources during the summit of the two countries.
Source: www.posco.com
