Turkmenistan Encourages Overseas Investors To Widen Modernization Linkup

4/25/2024 7:16:11 AM

(MENAFN- Trend News Agency) ASHGABAT, Turkmenistan, April 25. Turkmenistan's Turkmennebit State Concern is open to cooperationwith foreign investors and companies in the field of oil refiningand petrochemistry, Trend reports.

Guvanch Agadzhanov, Chairman of Turkmennebit State Concern, madethis statement at the International Forum to Attract ForeignInvestments in Turkmenistan's energy Sector, which is now takingplace in Paris.

"The state concern is prepared to examine proposals frominternational firms to modernize the above-mentioned industriesaimed at enhancing the quality of petroleum products, introducing anew product range, and improving and installing equipment forenvironmental protection," he said.

Meanwhile, the purpose of this event is to increase the chancesof attracting foreign direct investment in all segments of theenergy sector of Turkmenistan and improve the regional debate onthe future sustainable development of energy.

Data from the Turkmengaz State Concern shows that the country'shydrocarbon resources are estimated at more than 71 billion tons ofoil equivalent.

This volume includes more than 20 billion tons of oil and morethan 50 trillion cubic meters of natural gas.

Turkmennebit is Turkmenistan's national oil corporation. It wasfounded in July 1996 by a presidential decree that reorganizedsections of the former Ministry of Oil and Gas, and itsheadquarters are in Ashgabat. The Concern is responsible for theindustrial development of oil and gas fields, as well as theproduction of oil, gas, gas condensate, and valuable componentsfrom byproducts obtained from them. It also undertakes search,extraction, concentrated accumulation, preparation, transportation,and processing.

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