Turkmen businessmen to build potassium plant in partnership with Chinese specialists

January 16, 2018 | 09:44 |1076

The Union of Industrialists and Entrepreneurs of Turkmenistan (UIET) and the JSC Chinese Engineering Corporation CAMCE signed a Framework Agreement on partnership in the project for the construction of a mining and processing plant at the Tyubegatan potassium salt deposit in the Lebap velayat. The document was adopted on the basis of the results of the talks within the framework of the working visit of the delegation of the UIET to Beijing on 8-10 January. In accordance with the agreement, CAMCE will become the general contractor of the project on the terms of return of the invested funds at the expense of potash products of the plant. From this it follows that the Chinese corporation is confident in the profitability of the project and is ready to implement it using its own funds, which will then be returned at the expense of the adjusted production. According to preliminary calculations, the plant will produce 3.5 million tons of potash ore and 700,000 tons of potassium chloride per year. In the near future, CAMCE specialists will arrive in Turkmenistan to conduct geological exploration of the Tyubegatan field. Based on the data received and the provisions of the framework agreement, a partnership agreement will be drawn up. "Chinese Engineering Corporation CAMCE" is the largest company in China, which is the general contractor of many projects around the world. It also owns the Canadian company Procon Industries, which has extensive experience in the extraction and development of potash fertilizers, extraction and processing of chemical elements, construction of open and underground deposits, and their operation. Within the framework of the visit to Beijing, the UIET delegation also held business meetings with representatives of the Export-Import Bank (Eximbank), Industrial and Commercial Bank of China (ICBC). Various investment projects in Turkmenistan were discussed with HQC, CITIC, CRSC, CREC and the China Association of Private Investors and Venture Capitalists.