Turkmenistan Implements Large-Scale Oil and Gas Projects with International Partners
12:29 31.07.2024 8605
Turkmenistan’s State News Agency reported that on July 29, leaders of the country's oil and gas industry held talks with delegations from ADNOC (United Arab Emirates) and Hyundai Engineering Co. Ltd. (Republic of Korea).
During negotiations with the ADNOC delegation, headed by Senior Vice President Abdullah Al Shamsi, the parties paid special attention to the implementation of a large-scale project to develop the third phase of the Galkynysh gas field.
It should be recalled that during the visits of the President of Turkmenistan Serdar Berdimuhamedov and the National Leader of the Turkmen people Gurbanguly Berdimuhamedov to the United Arab Emirates in 2022-2024, a solid foundation was laid for cooperation in the oil and gas sector. Currently, joint projects aimed at increasing the production and processing of hydrocarbons are being actively implemented.
In particular, important documents were signed that determined the specific areas and parameters of joint activities at the Galkynysh gas field. Currently, the process of implementing the bilateral agreements reached is in an active phase. The parties are substantively considering the legal, commercial, investment, financial, technical, and other components of the Galkynysh gas field development project. It should be noted that the implementation of this project is directly related to the promotion of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project.
One of the key features of the current round of negotiations was the expression by ADNOC of its readiness to cooperate with Kazakh oil and gas companies. Turkmenistan, in turn, has repeatedly emphasized the importance of the participation of neighboring states in the implementation of large-scale international gas projects.
On the same day, the leaders of the State Concern "Turkmengas" held another round of consultations with a delegation from the South Korean company Hyundai Engineering Co. Ltd., headed by its Senior Vice President Jung Song Yong, discussing the current state and prospects for the development of the fourth phase of the Galkynysh field.
The parties noted the high level of cooperation and focused on key aspects of the project, such as legal support and organization of work. The Korean side expressed its readiness to use its experience in the energy sector for the successful implementation of the Galkynysh project. The importance of fulfilling previously reached agreements and continuing regular meetings was emphasized. The need to fulfill the agreements reached during mutual visits at the highest state level in 2023-2024 was also emphasized.
The recent negotiations in the country's oil and gas complex confirmed the high interest of foreign companies in Turkmenistan's energy sector. The implementation of joint projects will not only increase the volume of exports of Turkmen natural gas but also attract additional investments to the country's economy.
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