Turkmenistan launches $2 billion port complex

  • Turkish construction company GAP land construction contract for giant Caspian sea port

Energy-rich Turkmenistan has launched a US$2 billion project to build the country’s largest ever port in a bid to boost the Asian country’s export trade.

The port, to be known as Turkmenbashi International Ports, will be built over a four-year period by Turkish-based construction firm GAP, part of the Çalık Group, in the city of Turkmenbashi on the Caspian coast, and will be used primarily to export oil products, liquefied gas and textiles, according to Reuters.

A ground breaking ceremony, attended by Turkish Prime Minister Recep Tayyip Erdoğan and Turkmenistan president Gurbanguly Berdimuhamedov, to celebrate the start of the ambitious project was held in the city of Turkmenbashi last week.

Speaking at the ceremony, Berdymukhamedov said that the country’s new port will help to drive investment in the region and enable quicker access for European countries exporting goods to the Middle East.

The new port complex will incorporate ferry, passenger and container terminals, ship building and repairing plants, as well as dedicated terminals for general and bulk cargoes.

Turkmenbashi International Ports is scheduled to commence commercial operations in 2017.

Turkmenistan, on top of vast oil reserves in the Caspian Sea, holds the world’s fourth largest natural gas reserves and is a major player in the global cotton industry.

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