Belarus Balks at Prospect of Big Investments in Turkmenistan
Turkmenistan’s investment climate is so poor that even companies in one of its closest ally nations decline the opportunity to work there.
A senior executive at Belaruskali, a Belarus-owned global player on the potash fertilizer market, announced on September 7 that his company will not be bidding to build a new mining and processing plant in Turkmenistan.
This would be a marginal item of corporate news were it not for the troubled history endured by the Belarusian company in Turkmenistan.
In 2010, Belarus and Turkmenistan reached a deal for Belaruskali’s daughter company Belgorkhimprom to build the Garlyk potash mining and processing plant at a cost of around $1 billion. The undertaking was promising all around — a big contract for a Belarusian industrial enterprise and a chance for Turkmenistan to exploit mineral riches other than its vast natural gas deposits.
To read the full story