Turkmenistan President Kurbanguly Berdymukhamedov announced on 20 June 2014 that South Korean fims LG and Hyundai will build two gas processing plants in the country.
The plants are worth a total of US$4 billion. The contracts to developthe plants have already been signed by the two South Korean industrial conglomerates and Turkmengas, the Turkmen state gas company.
The contracts involves the development of a US$2.5 billion gas-to-liquids plant with an annual capacity of 600,000 tonnes, and a US$1.5 billion plant to produce 290,000 tonnes of polyvinyl chloride and 190,000 tonnes of hydrate of sodium a year.
Turkmenistan is the fouth largest natural gas reserve holder in the world and was the second largest dry natural gas producer in Eurasia, behind Russia, in 2011. However, the country lacks sufficient pipeline infrastructure to export greater volumes of hydrocarbons.
South Korean President Park Geun-hye said:
"For the first time in the history of our diplomatic relations, the president of South Korea has visited Turkmenistan. We share the opinion with the president of Turkmenistanthat we should increase the volume of our mutual trade and investments."