The President of Turkmenistan outlined urgent tasks for further development of fuel and energy companies

The results of work for the 1st quarter of 2020 and the urgent tasks of further development of the oil and gas complex of Turkmenistan were discussed during an extended meeting of the government, which was held by the President of Turkmenistan Gurbanguly Berdimuhamedov last Friday via videoconference.

During the meeting, Vice Chairman of the Cabinet of Ministers Myratgeldi Meredov noted that over the reporting period, the plan for oil and gas condensate production was fulfilled by 109.8 percent, oil refining – 106 percent, gasoline production – 116.4 percent, diesel fuel – 105.9 percent, polypropylene – 110 percent, investment development – 104.8 percent.   

The growth rate of liquefied gas production amounted to 110.3 percent, natural and associated gas production – 104.4 percent, export of “blue fuel” – 102.1 percent.

Advisor to the President of Turkmenistan on oil and gas issues Yagshigeldy Kakaev reported on the state of affairs in the fuel and energy sector and the creation of conditions for enhancing international cooperation.

As the President noted, referring to industry leaders, despite the fact that in the first quarter the main indicators were achieved in the oil and gas sector, in comparison with the same period last year, the growth rates of some of them decreased.

In this regard, the head of state emphasized the need for urgent measures to successfully solve the tasks assigned to the oil and gas complex. It is also necessary to adapt the production activities of concerns to the situation associated with lower prices for hydrocarbon resources in the world market.

Gurbanguly Berdimuhamedov instructed to accelerate the development of oil and gas blocks of the “Türkmennebit” State Concern located on the Turkmen shelf of the Caspian, increasing their investment attractiveness, and establishing cooperation with foreign companies.

Among the important tasks, the President also outlined maintaining high production growth rates at the “Türkmengas” State Concern. To this end, it is necessary to study new markets to expand the export capabilities of natural gas and gas-chemical products, as well as to ensure the planned flow of funds in convertible currency from the sale of domestic products.

The head of state also instructed to analyze the economic feasibility of gas-chemical complexes planned for construction and prepare relevant proposals.

Specific instructions were also given to the “Türkmengeologiya” State Corporation regarding the full and timely completion of the planned exploration of new oil, condensate and rock ore deposits.

The head of state instructed the leadership of the Turkmenbashi complex of oil refineries to carefully study the international markets for oil products and, based on marketing research, to determine the list of the most popular ones.

In the current situation, when prices for these products have fallen, more profitable markets should be sought, said President Gurbanguly Berdimuhamedov.

Source: Nebit-Gaz

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