Turkmenistan Intensifies Foreign Investment for Caspian Shelf Development
Turkmenistan intends to expand its cooperation with major international businesses in the development of offshore hydrocarbon fields. Intensifying work in the national sector of the Caspian Sea was on the agenda of the Cabinet of Ministers meeting on May 22, where Deputy Prime Minister Guvanch Agajanov delivered a report on the topic.
The report noted that, thanks to the legal and economic guarantees created for investors in the country, the country's fuel and energy sector is systematically expanding its partnerships with leading foreign oil and gas corporations. The key focus is now shifting to accelerating the commercial development of licensed offshore blocks on the Caspian shelf. In this regard, the Deputy Prime Minister submitted a corresponding proposal for the President's consideration.
After hearing the report, President Serdar Berdimuhamedov approved the presented initiatives for further joint activities with foreign partners. The head of state emphasized that accelerated development of the Caspian shelf directly contributes to the diversification of routes, a significant increase in proven hydrocarbon reserves, and an influx of foreign direct investment into the country's economy. The Deputy Prime Minister was given specific instructions to launch the practical phase of negotiations and thoroughly develop the proposed projects.
