TFEB and NEXI hold talks on financial and investment cooperation
The State Bank for Foreign Economic Affairs of Turkmenistan (TFEF) and Nippon Export and Investment Insurance (NEXI), Japan, held a video conference session to consider the implementation of bilateral agreements and further financial and investment cooperation.
During the video talks, the opportunities for Japanese companies to participate in projects for the development of the Turkmen oil and gas complex, chemical and power industries, transport and other areas were discussed.
At present, with the participation of NEXI, the state-run concerns Turkmenhimiya and Turkmengaz have implemented five projects totaling $3.63 billion. Currently, under the contract with the Ministry of Energy of Turkmenistan, Japanese companies are building gas turbine power plant with a capacity of 432-megawatt in Lebap region.
In the structure of foreign loans that are being used for the implementation of the most important projects in Turkmenistan, Japan is top-placed – 39% (China takes 2-nd place – 25%, and South Korea is 3rd – 19%).
In general, only with the participation of the TFEB, 10 joint investment projects totaling $ 7 billion 638 million have been realized and undergo in the country, while the share of Japanese loans is $ 4 billion 665 million US dollars.
The list of the large projects implemented includes: plant for the production of gasoline from natural gas in the Akhal velayat with a capacity of 600 thousand tons of gasoline per year; urea and ammonia plant in the city of Garabogaz with annual production capacity of 1 million 150 thousand tons of urea and 660 thousand tons of synthetic ammonia; gas chemical complex in the Kiyanly village with a production capacity of 386 thousand tons of high-density polyethylene and 81 thousand tons of polypropylene.
In order to further industrialization the economy, it is planned to continue the construction of similar plants in Turkmenistan.
