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Forum «Oil and Gas of Turkmenistan – 2021» confirmed the huge potential of mutually beneficial partnership

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02 November 2021

The second day of the XXVI International Conference «Oil and Gas of Turkmenistan – 2021» was devoted to a discussion of innovations in the field of financing investment projects in the Turkmen sector of the Caspian Sea, as well as the role of natural gas in the transition to a low-carbon future. On this day, representatives of international companies, organizations and financial institutions spoke at the sessions. Such energy giants as CNPC, Petronas, Lukoil, Dragon Oil, ARETI and others presented reviews of activities in our country. As the head of the ARETI company Igor Makarov noted, speaking at the forum, that modern Turkmenistan is of great interest to world investment institutions as a major energy power with huge reserves of hydrocarbons, a developed infrastructure and a consistent state policy of modernization and economic development. The businessman emphasized that our country is conducting deep exploration and development of hydrocarbon deposits, increasing the volume of production, processing and export of energy resources. Makarov noted that ARETI is actively involved in joint work with Turkmen partners to create and structure investment projects both in the field of production and development of fields, and in the field of modernization and development of transport infrastructure for the oil and gas industry of Turkmenistan. Minister of Finance and Economy of Turkmenistan Muhammetgeldi Serdarov paid special attention in his speech to the cooperation of Turkmenistan with major international organizations. He noted that by actively cooperating with authoritative international organizations, Turkmenistan has established itself as a reliable partner. As noted, Turkmenistan has joined dozens of international conventions, including in the field of financial investments. Our country is actively pursuing a partnership with the World Bank Group, which emphasizes the sustainable growth of the Turkmen economy. An up-to-date and constructive dialogue has developed this year with the International Monetary Fund, with which further strengthening of the partnership was discussed, as well as new areas of interaction. The European Bank for Reconstruction and Development also supports the public sector of our country's economy through the implementation of investment projects. Turkmenistan was also awarded observer status by the World Trade Organization. A significant event within the framework of the conference was a teleconference through digital communication with the participants of the EXPO-2020 World Exhibition, which continues its work in Dubai. The topic of the session was «Natural gas and its alternative energy sources, which are key resources for the transition to a carbon-free future.» Dragon Oil Chief Operating Officer Farid Al Hashmi spoke about the oil company's activities in the Turkmen sector of the Caspian Sea. He noted that within the framework of the project, the company extracts 60 thousand barrels of oil daily, and plans to increase the volume of production to 80 thousand per day. Stressing that such a large-scale work was the result of a successful partnership with the State Concern «Turkmenneft», Farid Al Khashmi said that in the near future the amount of investment in the project will increase to $ 9 billion USD. A representative of the American company Trans Caspian Resources (TCR) in his online speech proposed to Turkmenistan the idea of building a Trans-Caspian connector – a smaller in scale and cost than the Trans-Caspian gas pipeline, but no less promising investment project aimed at bringing Turkmen energy resources to the European market. At the end of the Forum, its participants adopted an Address to President of Turkmenistan Gurbanguly Berdimuhamedov, in which they expressed their sincere gratitude for the opportunity to hold an international conference in order to familiarize the world community with the potential of the oil and gas industry of Turkmenistan. As noted in the Address, at this forum, Turkmen specialists exchanged experience with foreign partners, discussed new areas of mutually beneficial cooperation, noted the importance of interaction to achieve goals. The international conference was attended by representatives of world famous companies from the United States, the People's Republic of China, the Russian Federation, Japan, Turkey, Iran, Great Britain, the United Arab Emirates, the Kingdom of Saudi Arabia and other countries.  Foreign experts, scientists, experienced specialists were unanimous in the opinion that the oil and gas industry of Turkmenistan has enormous potential, which has yet to be realized through joint mutually beneficial large-scale projects.