Hyundai Engineering-led consortium completes petchem plant in Turkmenistan

SEOUL, Oct. 18 (Yonhap) -- A global consortium led by Hyundai Engineering Co. has completed the construction of a US$3 billion petrochemical plant in Turkmenistan, the company said Thursday.

It took 47 months for the consortium to build the petrochemical plant at Kiyanly on the west coast of Turkmenistan, Hyundai Engineering said in a statement.

The plant is expected to extract 6 million tons of natural gas in the region and produce 400,000 tons of polyethylene and 80,000 tons of polypropylene annually, using an ethane cracker which helps produce the two petrochemical products through thermal decomposition, the company said.

Hyundai Engineering said the petrochemical output will generate a profit of $600 million for the Turkmen government each year.

Hyundai Engineering controls 64.46 percent stake in the consortium, with Toyo Engineering Corp. of Japan holding a 28.78 percent stake and LG International Corp. owning a 6.75 percent stake, a company spokesman said.

kyongae.choi@yna.co.kr
(END)