Following “Turkmengas” and “Turkmengeologiya”, a multimillion-dollar loan was allocated to “Turkmenneft”

On February 8, President Gurbanguly Berdimuhamedov held a working meeting, the state information agency TDH reports .

Deputy Prime Minister Shahym Abdrakhmanov , who oversees the oil and gas industry, “reported on the great success of the industry achieved thanks to the effective implementation of the president’s energy policy”

In response, the head of state announced the decision to allocate over 250 million manats ($71.4 million at the state rate or $12.5 million at the current black market rate ) for the development of the Turkmenneft State Concern.

According to the document , the Central Bank was ordered to allocate credit funds to the Türkmenbasy Joint-Stock Commercial Bank for lending to the Türkmennebit State Concern in order to finance planned work to increase oil production through the exploration and development of oil and gas fields.

The size of the loan allocated to "Turkmenneft" turned out to be more than the loans to "Turkmengaz" and "Turkmengeology" combined. At a working meeting on January 26, Gurbanguly Berdimuhamedov announced the allocation of investment funds in the amount of 159 million 530 thousand 900 manats ($45.58 million / $7.6 million) to Turkmengaz and 75 million manats ($21.43 million / $3.6 million) - "Turkmengeology". In total, these investments amounted to 234,530,900 manats.

Source: Chronicles of Turkmenistan