Turkmenistan approves agreement for new urea, ammonia plant

10 January 2011 10:23  [Source: ICIS news]

MOSCOW (ICIS)--Turkmenistan's authorities announced on Monday that they have approved an agreement with a Turkish contractor to build a new urea and ammonia plant in the southern town of Mary.

It was announced in a statement that President Gurbanguly Berdymukhammedov has signed a decree to allow state-run chemical holding Turkmenkhimiya to sign contracts with Turkey's Ronesans Turkmen Inshaat Sanayi ve Ticaret.

The plant would produce 640,000 tonnes/year of urea and 400,000 tonnes/year of ammonia. Construction work is due to start later this month and be completed by June 2014.

In March 2010, Turkmenistan's authorities allowed the Turkmen Foreign Trade Bank to sign a 13-year $500m (€390m) loan agreement with the Japan Bank for International Cooperation (JBIC) to finance the project.

($1 = €0.78)

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By: Sergei Blagov
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