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The President of Turkmenistan held a working meeting with heads of financial and economic, oil and gas complexes

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28 January 2022

President Gurbanguly Berdimuhamedov has held a working meeting with participation of heads of financial and economic, oil and gas complexes, in which the tasks of further economic development of our independent country for 2022 as well as issues of development of regions and improvement of wellbeing of people in accordance with realities of the time were discussed.

Having opened the working meeting, the head of Turkmenistan heard reports on the volumes of investments directed at financing of adopted programs for development of the oil and gas complex of the country for 2019-2025, introduction of digital system in the fuel and energy complex as well as implementation of transformations in the sector.

Chairman of “Türkmengeologiýa” State Corporation M.Rozyev was the first to report on the exploration work carried out by specialists of the given institution for increase in the production volume of natural gas at the expense of prospecting and development of new deposits. As was noted, proper seismological studies at the deposits of “Demirgazyk-Derwiş”, “Günorta-Mary” as well as at the gas field of «Malay» are expected to be carried out. According to deep-well drilling plans and with a view of exploration and prospecting for increase in the number of gas beds and condensate, it is also planned to start the exploration drilling for determination of reserves of gas at these deposits.

State Minister, Chairman of “Türkmengaz” State Concern B.Amanov reported on the activity carried out to fulfil the instructions given earlier by the leader of the nation to detect reserves and increase the production volume of natural gas for 2022-2023. In particular, the information on the work carried out in a number of gas fields in different regions of the country to drill recovery and development wells, to commission deposits into operation as well as to increase the production volume of gas at the expense of application of full capacities of production wells was also delivered.

Further, Deputy-Chairman of the Cabinet Sh.Abdrahmanov informed that according to the instruction of the leader of the nation, from the first days of the year “Epoch of people with Arkadag”, the work on increase in the production volume of natural gas and oil, development of oil and gas fields as well as drilling of newly discovered deposits goes on at a rapid pace. At the same time, the material and technical basis of all units of the fuel and energy complex is strengthened and a great significance is given for training of highly qualified specialists, who are in great demand for the sector.

Further, Chairman of “Turkmenbashi” Joint Stock Commercial Bank J.Jumagylyjov reported on the work carried out within the framework of fulfilment of the instructions given earlier by the head of the state to support financially the activities of units of the fuel and energy complex of the country and to increase in the volume of investment resources allocated to them.

Chairman of the Central Bank G.Mushshikov reported on the large-scale work on improvement of financing of the oil and gas complex and successful fulfilment of goals set before in this area. At that, special attention is attached to issues of modernization of the given sector in accordance with the requirements of today.

The demand of consumers of the country for natural gas should be satisfied fully, the leader of the nation continued his word, making an emphasis on the importance of complete fulfilment of contractual obligations on delivery of Turkmen natural gas to foreign markets.

The head of the state drew attention to necessity of conduction of special seismological studies for exploration and discovery of natural gas rich underground layers, expansion of gas rich territories and assessment of their gas presence and regular update of data of hydrocarbon reserves of the country.

President Gurbanguly Berdimuhamedov expressed confidence in successful fulfilment of the goals for the next years set in the Plan of actions for increase in the volume of production of natural gas at the expense of increase in the number of new oil and gas bearing fields and their development.

Further, for consideration of the head of Turkmenistan, Deputy-Chairman of the Cabinet Serdar Berdimuhamedov submitted the draft of the document on financial support to “Türkmengaz” State Concern and “Türkmengeologiýa” State Corporation with a view of further development of the oil and gas sector.

President Gurbanguly Berdimuhamedov noted that taking into account importance of the oil and gas sector for our national economy and with a purpose of further development of the sector, he has decided to allocate investment resources in the amount of 159 million 530 thousand and 900 manats to “Türkmengaz” State Concern and 75 million manats to “Türkmengeologiýa” State Corporation.

Direction of state credit funds at increase in the potential of economy visually demonstrates the financial power of our sovereign independent fatherland, the leader of the nation underlined and signed the relevant document.

Pointing out to the historical significance of adopted decisions, President Gurbanguly Berdimuhamedov stated that in the years of independence the state has regularly directed financial resources for development of oil and gas industry and expressed confidence that this noble work will be of benefit to our country.

Concluding the working meeting, the head of the state wished its participants sound health, family wellbeing and success in their work for the benefit of further development of our country.