ASHGABAT Nov 16 South Korea's Hyundai Engineering Co is implementing a $534 million modernisation project at Turkmenistan's largest oil refinery in the west of the country, the head of the company's local unit said on Friday.
The overhaul at the Turkmenbashi refinery at the Caspian Sea was launched in May this year and will be completed in May 2015, Song Dong Joon told an energy conference in the Turkmen capital.
He did not name the source of the funding of the project.
The Turkmenbashi plant is one of Turkmenistan's two oil refineries, which jointly process most of the country's annual crude output of 10-11 million tonnes (about 220,000 barrels per day).
Turkmenbashi's annual capacity is estimated at around 6 million tonnes.
Precise official oil and gas data, as well as its macroeconomic indicators, are rarely published in the secretive Central Asian nation of 5.5 million, which is better known for its huge natural gas reserves, the world's fourth largest.
Turkmenistan has set an ambitious target to build three new refineries and boost the capacity at its two existing ones by 2030 to increase oil refining threefold to 30 million tonnes.