South Korea, Turkmenistan Sign $4 Bn Gas Processing Deal

South Korea and Turkmenistan on Friday signed a $4 billion deal to construct natural gas processing plants in the gas rich central Asian nation, reports AFP.

State owned Turkmengaz and LG and Hyundai will build the gas processing plants.

South Korean leader Park Geun-Hye and her host Gurbanguly Berdymukhammedov presided over the signing ceremony.

Park was on her first visit to Turkmenistan.

"You have energy resources and we are experienced in economic development and high-tech," Park was quoted by AFP as saying. "If we combine these advantages then this will create a basis for successful, mutually-beneficial cooperation."

Turkmenistan sits on the world's fourth-largest natural gas reserves and also boasts vast oil deposits.