Balkan Quarry Management will participate as founder of Türkmen Kaolin OJSC with a 49% share in its authorized capital.

Turkmenistan will create Türkmen Kaolin Open Joint Stock Company, President of the country Gurbanguly Berdimuhamedov signed a relevant Resolution during the Cabinet of Ministers meeting on Friday.

According to the Resolution, the Balkan Quarry Management of the Ministry of Industry and Construction Production of Turkmenistan is authorized to participate as founder of the new company with a 49% share in its authorized capital, the country’s official media reports.

During the meeting, the Vice-Premier Charymyrat Purchekov, overseeing the country's construction, industrial and energy sectors, presented the draft resolution on the establishment of the company to the Head of State. He noted that the change in the organizational and legal form and the reconstruction of the kaolin workshop of the Balkan Quarry Management will increase the productivity of the enterprise and contribute to the creation of new jobs and saving money spent on the purchase of the necessary raw materials abroad.

The Vice-Premier also reported on the plans to establish the production of sulfate on the basis of the hydro-mineral resources of the Garabogazgol Bay. He noted that as a result of scientific research carried out by the Türkmenhimiýa (Turkmen Chemicals) State Concern and the Institute of Chemistry of the Academy of Sciences of Turkmenistan, presence of large reserves of chemical elements, mineral salts, sodium and magnesium sulfate, magnesium chloride, lithium and its compounds, magnesium oxide, magnesium metal have been confirmed in the bay.

Following the report and signing the Resolution, the Turkmen President emphasized the need for accelerated development of the country's natural resources and the creation of modern enterprises on their basis, focused on the production of high-quality, import-substituting and export-oriented chemical products.

During a government meeting in late July, the Vice-Premier Purchekov presented a proposal to reconstruct the kaolin workshop of the Balkan Quarry Management at the expense of capital investments from Derýaplastik Economic Society, a member of the Union of Industrialists and Entrepreneurs of Turkmenistan, and create on its basis an open joint stock company with Derýaplastik as a shareholder.

Business Turkmenistan