Turkmenistan attracts $2.5 billion for gas-chemical complex from Asia

The largest exporter of natural gas in Central Asia Turkmenistan has attracted $2.5 billion from Japan and Korea for the construction of a large gas-chemical complex, which launch was blessed by Turkmen leader in April.

The country, whose gas exports is still limited by pipeline supplies to China, Iran and Russia, signed a loan agreement with Japan Bank for International Cooperation (JBIC) and the Export- Import Bank of Korea (K-exim), the government of Turkmenistan reported on Friday.

The ten-year agreement involves loan for $700 million from JBIC and a loan of $1.8 billion from K-exim, a source in the government reported.

Turkmenistan estimates total costs into the project at $3.4 billion, 15% of which will be undertaken by a general contractor of the project state-owned concern Turkmengaz.