Turkmenistan and Saudi Arabia discussed possibilities of expansion of trade and economic and investment partnership

The delegation of Turkmenistan visited Saudi Arabia with a working visit. The vice-chairman of Cabinet council Maksat Babayev at the meeting of the Government which took place on November 10, 2017 reported about results of the visit.

As the vice-chairman noted, within the visit in Riyadh another, fifth meeting of the Turkmen-Saudi intergovernmental commission on a trade and economic cooperation took place. Heads of industries and power industry of Turkmenistan and also the large companies of Saudi Arabia took part in work of the meeting.

The agenda of the business meeting included questions of expansion of partner communications in trade and economic, financial spheres, development of a cooperation in the oil and gas industry, in the field of transport, communications, agricultural industry, etc. During the meeting the course of accomplishment of decisions and the agreements reached following the results of the previous, fourth meeting of inter-governmental commission was also considered.

Following the results of the current meeting specific agreements on further development of mutually advantageous partnership in a number of the directions were reached. In completion of negotiations the parties signed the protocol 5 of the meeting of the intergovernmental commission on a trade and economic cooperation.

Members of the Turkmen delegation held also a number of meetings with the Saudi colleagues, having discussed implementation of the bilateral arrangements reached during the official visit of the President of Turkmenistan to Saudi Arabia in May, 2016.

The held negotiations created opportunities for attraction of the Saudi investments into the international and national projects in the oil and gas sphere, search and mining, development of communications, etc. The aspiration to mutually beneficial cooperation on the projects realized in Turkmenistan in gas-chemical and industrial industries, transport and communication, mining and other spheres was expressed.

Besides, from the Saudi Fund of industrial development support of the construction project of the transnational gas pipeline of Turkmenistan-Afghanistan-Pakistan-India (TAPI) was expressed.

Possibilities of entering of handmade Turkmen carpets and carpet products onto the Saudi market and through it on the markets of the Arab countries and also investment projects in a carpet industry of Turkmenistan were discussed. The Saudi side suggested to organize an exhibition of handmade Turkmen carpets and carpet products in Riyadh and to create the working group on study of the matter.

It should be noted that the visit of the Turkmen delegation to Riyadh and the held negotiations were widely publicized by media and television of Saudi Arabia and other countries. As it is reported on the website of the "Financial One" magazine with reference to Reuters, the Minister of Energy of Saudi Arabia Khalid al-Falikh said that "Turkmenistan is of investment interest to the oil companies of the country, such as, Saudi Aramco which is interested to finance oil and gas projects worldwide".

"Aramco considers any possibility of investments into production of oil and gas worldwide, including the countries having an entry in the Caspian Sea, and Turkmenistan owns the largest resources of minerals, in particular gas", - the minister added.

In an interview to Al Arabiya TV channel Khalid al-Falikh also noted that in Turkmenistan there were areas for investments for leading companies of Saudi Arabia, such as Saudi Basic Industries Corp (SABIC), Ma'aden mining company.

Speaking at a press conference after the meeting with delegation of Turkmenistan, Khalid al-Falikh told that memoranda of understanding would be signed, and the Fund of industrial development of Saudi Arabia would provide a financial support to the construction project of the TAPI gas pipeline. In particular, Saudi Arabia will deliver the materials necessary for the project, part-Minister of Industry and minerals al-Falikh told. The minister also enters into the board of directors of the Aramco company.

One more area of a cooperation will be knowledge sharing with Saudi Aramco on laying of bulk distribution lines, the minister told. 

 

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