Reuters quoted a government official as saying, "The State Bank of Foreign Economic Affairs of Turkmenistan has struck a credit agreement for $700m with Japan Bank for International Cooperation and another one worth $1.8bn with Korea Eximbank for ten years to finance construction of the plant in the Balkan region of the country."
Remaining funding for the proposed project will be provided by the national gas company of Turkmenistan, Turkmengas.
Last month, Toyo Engineering said its consortium has been awarded a contract for the complex in western Turkmenistan.
The consortium includes Hyundai Engineering, Hyundai Engineering & Construction, and LG International of South Korea.
Scheduled to be completed in 2018, the complex will feature a gas separation unit, as well as ethylene and polypropylene production units.
The gas separation unit will have an annual capacity of five billion cubic metres, the ethylene production unit will produce 400,000t per annum (tpa) and the polypropylene unit will produce 80,000tpa.
