Business overview: the record for gas production and the key economic development indicators for 2021
Last week, eleven tenders were announced by the Ministry of Industry, SC "Turkmengas", SC "Turkmenhimiya" and SC "Turkmengeologiya", Turkmenbashy Complex of Oil Refineries, PETRONAS, ENI and Tatneft Companies, as well as the Hazar Consortium in Turkmenistan.
From today’s review, you will also learn about the key development indicators of Turkmen economy in 2021, the amount of natural gas produced in the country over the past 12 months and the ways for Turkmenistan to increase the supply of natural gas in the near future.
For big businesses: Ministry of Industry has extended the tender for the construction of an additional line for the production of fittings at the Government Agency "Turkmendemironumleri".
Turkmenbashy Complex of Oil Refineries has extended the tender for the development of tender proposals for the construction of block 500 of a diesel hydrotreating unit.
For small businesses: The branch of PJSC Tatneft in Turkmenistan requires the services of a track-mounted crane on the territory of the tubing repair site of the Burnebitgazkhyzmat base.
Eni will purchase electrical and electronic parts of the top drive of the DQ70BSC model.
Top business news from 7 to 13 February
In 2021, Turkmenistan produced the largest volume of natural gas in 30 years of independent development – 83 billion 772.9 million cubic meters. The tasks of diversifying the hydrocarbon sector of the local industry with an emphasis on increasing the processing of raw materials and finished product output of high added value were successfully implemented.
The SC “Turkmennebit” will receive more than 250 million manats for diversification and expansion of its capacities. The resolution on lending to the oil concern was signed by President of Turkmenistan Gurbanguly Berdimuhamedov.
The socio-economic indicators of Turkmenistan's development for 2021 in comparison with 2020 were announced at the enlarged meeting of the Cabinet of Ministers on Friday. Below are the main data:
– the growth of natural gas exports accounted for 36.4%,
– production of electricity increased by 11.6%, and the export – 36.4%,
– gasoline produced by 0.5% more,
– lubricating oils produced by 7.8% more,
– cement production increased by 4.5%,
– the production of cotton yarn increased by 24,8%,
– production of vegetables increased by 5%, fruit and berries – 1.2%, potatoes
– 9.2%.
Turkmenistan is able to increase swap supplies of natural gas to Azerbaijan through Iran, and currently negotiations on this topic are regularly held between representatives of relevant departments.
The volume of loan balances issued by Turkmen banks as of January 1, 2022, increased by 7.3% compared to the beginning of 2021. The banks of Turkmenistan have financed 1,874 small and medium-sized business projects. About 16, 610 employments were created at the expense of credit funds.
Economic Observer ORIENT
Eziz OVEZOV
