Turkmennebit to Sign New Agreement with Malaysia's Petronas on Caspian Shelf Development
ORIENT | Energy. Ahead of important high-level intergovernmental negotiations, Turkmenistan has taken another practical step to further strengthen its energy sovereignty and diversify its partnerships. President Serdar Berdimuhamedov reinforced the strategic objectives facing the domestic oil and gas industry by signing a special resolution that launches a new phase of effective development of licensed blocks in the Turkmen sector of the Caspian Sea.
Based on the Law "On Hydrocarbon Resources," the head of state authorized the Turkmennebit State Concern to enter into a trilateral agreement for the joint development of offshore fields, involving the state concern itself, the Malaysian company Petronas Çarigali (Türkmenistan) Sdn. Bhd. and the state-owned enterprise Hazarneft. This regulatory act clearly demonstrates the country's continued commitment to creating the most favorable and legally secure conditions for the world's largest investors to operate on the Caspian shelf. This economic decision serves as a prelude to the official visit of Malaysian Prime Minister Anwar Ibrahim, who arrives in Ashgabat on the evening of June 18, beginning today. On Friday, June 19, he is scheduled to hold talks with President Serdar Berdimuhamedov, and the Chamber of Commerce and Industry will host a business forum, "Turkmenistan-Malaysia: 30 Years of Mutually Beneficial Cooperation in the Oil and Gas Sector."
In addition to strengthening its maritime position in the Caspian, where Petronas has reliably operated for nearly thirty years, the signing of documents granting the Malaysian giant access to commercial drilling at the super-giant onshore Galkynysh field is expected. In fact, this opens a new chapter in the history of the energy alliance between the two states, guaranteeing colossal dividends for their national economies.
