Turkmenistan and South Korea to boost energy ties

Ashgabat, April 17 - Neftegaz.RU. Korean president Moon Jae-in agreed to expand energy-related business partnerships with Turkmenistan during a summit with the latter's President Gurbanguly Berdimuhamedov, The Korea Times reported.

"We expect more Korean companies to participate in energy and plant businesses led by the Turkmenistan government," Moon said in a post-summit joint press release there.

In particular, Moon cited a petrochemical plant at Kiyanly, located on the west coast of Turkmenistan, as a successful example of the economic partnership between the 2 countries. A consortium led by Korean firm Hyundai Engineering completed the construction of the plant last year.

"The Kiyanly case shows Turkmenistan is the optimum partner for Korea," Moon said. "I was encouraged by the Turkmenistan president's words that he will place importance on partnerships with Korean companies. Both countries will continue making the second and third Kiyanly models."

Turkmenistan is best-known for having the world's fourth-largest gas reserves. Korea believes Turkmenistan will become a crucial partner in future economic cooperation.

The 2 countries signed 6 memorandum of understanding for partnerships in areas such as energy and plant businesses.