Sources inform ''Globes'' that a delegation from Merhav MNF Ltd., headed by chairman Joseph (Yossi) Maiman, recently visited Turkmenistan. He was accompanied by Merhav VP Michael Mirkin, who is responsible for the company’s activity in Central Asia, and by VP Gideon Weinstein. The “State Information Agency of Turkmenistan” (TDH) reports that Merhav proposed to Turkmenistan President Gurbanguly Berdimuhammedov a program on further cooperation in education, healthcare, agriculture, oil and gas and chemical industries.
TDH reports that Merhav proposed reconstruction of the Seyydi oil refinery and setting up a polypropylene production plant there. Further modernization of the Turkmenbashi complex of oil refineries was also discussed. The sides reached an agreement to set up joint work groups for realization of partnership.
TDH quotes Maiman as saying, "I thank the president for the opportunity to continue working in Turkmenistan. Although the plans outlined will require major reorganization of the company itself, we are ready and will go for it without any hesitation.”
Merhav declined to comment on the report. Sources inform ''Globes'' that Merhav proposed investing $3 billion in Turkmenistan, half of which would be for building the polypropylene production plant.
The visit was apparently intended to ensure continued collaboration between Merhav and the Turkmenistan government. In recent years, Merhav has been the Israeli company with the largest investments in this Muslim country. The company has initiated a number of projects there, mostly in energy and agriculture, at an investment of $1.7 billion.
Most of the investments were made during the regime of the late Turkmenistan President Saparmurat Niyazov, who ruled with an iron fist since independence in 1991. His death last December caused uncertainty about further investment.
Published by Globes [online], Israel business news - www.globes.co.il - on April 11, 2007
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