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Turkmenistan Economic News

BP Confirms Presence of Large Gas Reserves in Turkmenistan
BP confirmed the presence of large gas reserves in Turkmenistan on the basis of official data, which rank the country fourth in the world. This guarantees Turkmenistan’s ability to supply gas in any amount to current and prospective gas pipelines, said Vice President and Chief Economist of BP, Christof Ruehl. According to the BP report on World Energy 2012, the proven gas reserves of Turkmenistan amounted to 24.3 trillion cubic meters in 2011, which exceeded estimates for 2010 by the amount of 13.4 trillion cubic meters.
Source: trend.az   

Dragon Oil Successfully Drills Oil Well in Turkmen Section of Caspian Sea
The UAE’s Dragon Oil successfully completed another phase of drilling operations in the Turkmen section of the Caspian Sea, according to a company press release. According to the press release, the Dzheitune (Lam) 28/174 well was completed as a single producer to a depth of 1,976 metres. The well tested for an initial production at 1,705 barrels of oil per day ("bopd"). The sidetrack of the Dzheitune (Lam) 13/144C well yielded an initial flow rate of 956 bopd from a single string. The Cheleken project has been implemented in Turkmenistan since the mid-1990s. The development is executed in the Dzheitune and Jigalibek fields on the shelf of the Caspian Sea. The proven and probable remaining oil reserves on the contract area are about 300 million barrels of oil and more than 3 trillion cubic feet of gas. So far, the company has invested over $2.3 billion in the development of fields in the contract area Cheleken.
Source: trend.az 

Turkmenistan, Japan Discuss Investment Projects in Tokyo
The tenth meeting of the Turkmen-Japanese Economic Committee is being held in Tokyo, said an official Turkmen source. Governmental participants from both countries are discussing prospects for joint investment projects in the oil and gas industry, chemical industry, and fisheries, communications, transportation, banking, and textile industry. Japanese companies participate in Turkmenistan’s fuel and energy complex modernization projects, including modernization of the Caspian state's largest oil refinery in Turkmenbashi – a project worth $1.6 billion. The Japan Bank for International Cooperation (JBIC) issued several commercial loans for implementation of a number of projects in Turkmenistan.
Source: trend.az

Gas Cooperation with Iran Strengthens Turkmenistan’s Economic Power
The international gas pipeline Korpeje-Gurtguyy (Turkmenistan-Iran), commissioned in 1995, played an important role in the growth of the economic power of the country, the Turkmen Ministry of Petroleum and Mineral Resources said. About 2.850 billion cubic meters of fuel have been transported through this gas pipeline to the neighboring Islamic Republic of Iran within six months. "The achieved result exceeds the similar index of 2011 by more than 215 million cubic meters," said the Ministry.
Source: trend.az 

Turkmenistan to Increase Trade, Energy Export to Iran
Ashgabat and Tehran expressed the intention to bring trade up to $10 billion during the recent Iranian-Turkmen business forum in Tehran, reported Watan newspaper. During the forum, the Turkmen government also stressed that there are good prospects for increasing exports of electricity and energy to Iran. The heads of Iran's top 300 big companies working in the oil, gas, and petrochemical sectors, construction industry, machine building, food industry, and trade, as well as other associations and enterprises, attended the forum. The Turkmen delegation included representatives from the Foreign Ministry as well as leading specialists from profile ministries and the production sector, the Chamber of Commerce and Industry, and the Union of Industrialists and Entrepreneurs.
Source: trend.az, trend.az  

BTC Ups Turkmen Oil Transportation
The Baku-Tbilisi-Ceyhan (BTC) oil pipeline transported 1.6 million tons of Turkmen oil in January-April 2012, compared to 1.1 million tons in the same period of 2011, Azerbaijani State Statistics Committee told Trend. The oil is transported under contracts signed between SOCAR and Dragon Oil working in Turkmenistan.
Source: trend.az 

Calyk Holding to Upgrade Power Supply System in Ashgabat
On July 18 President Gurbanguly Berdymuhamedov received the Chairman of the Board of Directors of “Calyk Holding” group of companies, Ahmet Calyk, who presented new proposals of “Calyk Holding” for electricity projects in Ashgabat and the modernization of the power system in Turkmenistan as a whole. Within five years Calyk plans to build 60 sub-stations and connect them to a single power system for Turkmenistan. Berdymukhamedov said that the project should ensure the stability of power supply, regardless of weather conditions.
Source: Turkmenistan.ru 

Ministry of Nature Protection to Build Two Parks in Avaza

The Ministry of Nature Protection of Turkmenistan has announced an international tender for the design and "turnkey" construction of two amusement parks in the Avaza tourist resort. The total area of the two parks should be 9.98 hectares and 10.4 hectares, respectively. The parks should also have footpaths along the river channel with trees planted on both sides of the channel.
Source: turkmenistan.ru 

New Residential Buildings to be Constructed for Parliamentarians, Employees of TV and Railroad Sectors
Turkmenistan’s Parliament announced an international tender for the design and "turnkey" construction of a 12-14 storey luxury house with 70 apartments, including landscaping of the adjoining territory on A. Niyazov Avenue in Ashgabat. The State Committee of Turkmenistan on Television, Radio, and Cinematography announced an international tender for the construction of a 12-storey, 44-apartment house on A. Niyazov Avenue. The Ministry of Railway Transport of Turkmenistan announced an international tender for the design and "turnkey" construction of a 12-14 storey, 114-apartment house with extra comfort and improved design, with underground parking, and with landscaping of the adjacent area along A. Niyazov Avenue.
Source: Turkmenistan.ru

Turkmen Banks to Give Soft Loans to Private Entrepreneurs
The banks of Turkmenistan will start issuing loans to individuals running small and medium businesses at a 5 percent interest rate per annum for up to 10 years. These loans will cover investment projects associated with manufacturing of products and services, as well as the development of floating funds for up to one year. A decree to this effect was signed by Turkmen President Gurbanguly Berdimuhamedov.
Source: Turkmenistan.ru 

Turkmenistan to Buy American Farm Machinery
State association Turkmenobahyzmat is planning to conclude a contract for the purchase of spare parts, wheels, lubricants, and consumable resources for cotton harvesters from the US companies John Deere and Case. The delivery will be ensured by IP Consult (International) Ltd.
Source: Turkmenistan.ru

Turkmenistan Economic News

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