The Hyundai Engineering consortium has marked a milestone in the economic development history of Turkmenistan, a resource-rich country in Central Asia.
The consortium of Hyundai Engineering and LG Corporation held the completion of the Ethane Cracker and Polyethylene/Polypropylene production plant in Turkmenistan on October 17.
The event was attended by Turkmenistan President Gurbanguly BerdyMuhammedov, Turkmenistan Deputy Prime Minister of Oil and Gas Myratgeldy Meredov, Turkmengas President Myrat Archayev, Hyundai Engineering President Song Sang-rok, and LG Corporation President Song Chi-ho.
The President Gurbanguly BerdyMuhammedov praised Hyundai Engineering for successfully completing the Turkmenian government`s project.
The Ethane Cracker and Polyethylene/Polypropylene production plants were located in the Kiyanly region of the western coast of Turkmenistan in contact with the Caspian Sea.
The plant will produce 400,000 tons of polyethylene and 80,000 tons of polypropylene after extracting 6 million tons of natural gas a year and decomposing it with ethane crackers.
It is expected to generate revenues of $600 million annually, and is expected to contribute greatly to the revenue generation of Turkmenistan.
Through this project, the Turkmenistan government has opened the door to the practical use of large amounts of natural gas.
"We will continue to find the demand for development of the resource-rich country and expand the business area further," a Hyundai Engineering official said.
