Turkmenistan modernizes gas chemical industry

Jun 18, 2015 12:00 AM

By Vusala Abbasova

The construction of modern gas chemical complex in the Kiyanly region on the Caspian coast has gained a status of one of ten best projects of European and Eurasian 2014.

UK-based TXF organization awarded the project a special prize of TXF, reported Turkmenistan's The Golden age e-newspaper.

The work on the investment project envisaging construction of the gas chemical complex for production of polyethylene and polypropylene in the Kiyanly district is in progress in the country's Caspian sea coastal.

The gas chemical complex designed to process 5 billion cubic meters of natural gas and the production of 386,000 tons of polyethylene and 81,000 tons of polypropylene per year.

The $3 billion worth project will produce the ecologically clean raw materials based on modern technologies, which provide deep cleaning of raw materials from all kinds of impurities through unique schemes.

The gas chemical complex with participation of Japan's TOYO Engineering and South Korea's LG International Corporation and Hyundai Engineering Corp. Ltd companies.

The complex is built based on a cooperation agreement that the Turkmenistan State Foreign Economic Bank concluded with the Japanese Bank of International Cooperation (JBIC), the Korean Export-Import Bank and the syndicate of participant financial institutions from Japan, Germany, France, Korea, China, Austria, and Switzerland.

Under the agreement, the foreign investors allocated a $2.5 billion loan to the scaly project for 10 years.

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