Hyundai Engineering Billion Dollar Project in Turkmenistan

HYUNDAI ENGINEERING: Turkmenistan upped calls for Korea to make more investments in the country as the two sought to promote stronger ties in the area of energy and social overhead capital, the Seoul government said Thursday.

Minister of Knowledge Economy Choi Kyung-hwan met with Turkmen President Gurbanguly Berdymukhamedovin in Ashgabat on Wednesday and discussed enhancing their cooperation in energy and resources, and also in non-business fields such as culture.

Choi has been on a visit to the Central Asian region this week aimed at securing resources, which has recently emerged as a major agenda item for Korea.

Turkmenistan is cited as an untapped resource market, boasting the world’s fourth-largest natural gas reserves.

With its rich resources, the country has been seeking to diversify its industries, while also pushing SOC construction to initiate development.

In particular, the Turkmen president urged Korean firms to make more investments in the country’s construction and resource industries, saying that those in car-making and home appliances are doing very well in the global market, according to Choi.

“I think the two countries both acknowledge the necessity for a stronger economic partnership, for we need each other (for different reasons). But I think more firm-level collaborations will be needed in the future,” Choi said.

“Turkmenistan is a country which is abundant in natural resources and has diverse opportunities for plants and SOC construction. We expect that the visit will encourage local firms to expand their market there,” ministry officials said.

The two countries will collaborate particularly in exploring the country’s resources.

A group of Korean firms including Korea Gas Corp., Korea National Oil Corp., and LG International Corp. held a technology seminar to discuss concrete plans and methods on such projects Thursday.

Last year LG International Corp. and Hyundai Engineering & Construction won a $1.48 billion contract from Turkmenistan state-run energy firm Turkmengaz to jointly build a gas plant in the Central Asian country by 2012.

By Koh Young-aah (youngaah@heraldm.com)
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