President: fuel and energy complex priority is attracting investments, experience of advanced world and modern technologies

Improving the efficiency of the structural units of the fuel and energy complex was one of the important issues considered during the meeting of the Cabinet of Ministers of Turkmenistan, which President Gurbanguly Berdimuhamedov held last Friday via digital video communications.

Myratgeldi Meredov, Vice-Chairman of the Cabinet of Ministers, reported on work to improve the industry’s management system, increase the efficiency of energy companies, including international commercial projects related to oil and gas production in the fields of the Caspian coastal zone.

In particular, the Vice-Chairman submitted for consideration by the President a draft document on the further development of cooperation of the State Concern “Turkmennebit” with foreign partners. Turkmen oil workers, together with foreign companies, are developing the Khazar territory under the terms of the Production Sharing Agreement and the Joint Activity Agreement.

Summing up the report, the President emphasized that the main goal of the energy policy of Turkmenistan is to maximize the efficient use of the richest natural resources, production and scientific and technical potential of the oil and gas sector for sustainable growth, expanding export opportunities of the national economy, and improving the welfare of the country's population.

In this regard, the head of state emphasized the importance of modernization and diversification of the oil and gas complex, bringing it in line with the requirements of the time. On the whole, having approved and signed the draft resolution submitted, Gurbanguly Berdimuhamedov gave the Vice-Chairman specific instructions on attracting foreign investment, international best practices and modern technologies.

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2014