The investments in Turkmen oil and gas sector to be repaid with oil products, prices for which dropped

The state information agency TDH reports that at the session of Turkmenistan’s Cabinet of Ministers held on 5 June, 2020 President Gurbanguly Berdymukhammedov charged Deputy Prime Minister overseeing the oil and gas sector Myratgeldi Meredov with the task of attracting more investments into the sector to build new facilities and maintain existing large-scale projects.

The head of state pointed out that global prices for oil and oil products have seen a considerable decrease and instructed that the strategy for selling these products to overseas customers be worked out.

At the same time, Berdymukhammedov offered to repay the attracted investments with oil products.

It has been previously reported that earlier the same day the advisor to the President on oil and gas Yashgeldu Kakaev held negotiations with the Italian oil company ENI. As a result of negotiations a representative of ENI proposed to “optimize investments and activities in accordance with the current economic situation with the view of preserving value and sustainability of assets in the interests of both parties”.


Source: Chronicles of Turkmenistan