Turkmenistan, the Central Asian nation, has launched a $3.4 billion chemical plant. That is the country’s latest achievement to diversify its gas-dependent economy.

The country is one of the world’s largest natural gas deposits. The new plant will be built on the shores of the Caspian Sea. It will transport gas to make polyethylene and polypropylene to carry it via a new naval station.

Turkmenistan’s administration will be financing 15 percent of the plant. Japan’s Toyo Engineering, South Korea’s LG International and Hyundai Engineering are to pay off the rest of the investments.

After Russia has put on hold it’s buying of Turkmenistan’s gas due to a pricing dispute, countries revenues from gas exports have dropped sharply. Nevertheless, Russia seeks to restore its purchases next year.