Chairman of the State Concern "Turkmennebit" Guvanch Agajanov called on foreign companies to actively engage in investment activities to implement projects in the oil and gas sector of Turkmenistan, speaking on Thursday at the International Forum on attracting investments in the energy sector of Turkmenistan, held in Dubai.

 - All the necessary legal prerequisites and conditions have been created for conducting the oil business in Turkmenistan, which are enshrined in the relevant laws, and using this platform, we urge you to actively engage in investment activities in Turkmenistan, - G. Agajanov said.

 The Chairman of the State Concern "Turkmennebit" outlined specific areas in which foreign companies can establish mutually beneficial cooperation with Turkmenistan.  Among them: development and development of oil reserves at mature fields of the concern;  modernization of the Turkmenbashi and Seydinsk oil refineries;  investments in the development of hydrocarbon resources on offshore blocks in the Turkmen sector of the Caspian Sea.

 - Turkmenistan is the largest player in the oil and gas market of the region and Asia, - Agajanov said.  - Hydrocarbon resources of the Turkmen sector of the Caspian Sea alone are estimated at 18.2 billion tons in oil equivalent.

 Today, the concern's oil assets are concentrated in more than 30 fields, which are at various stages of development.  The number of operating oil and gas wells is more than 2,300 units, the speaker noted.

 In order to extract hard-to-reach oil in fields that have been developed for a long time, to put into development previously inaccessible deep-lying oil horizons, a comprehensive modernization of the entire technological production is being carried out, as well as the widespread introduction of modern technology and highly efficient equipment.

 To solve these problems, as well as to attract investments, the concern successfully cooperates with such companies as Yug-Neftegaz Private Limited (Singapore), Tatneft PJSC (Republic of Tatarstan, Russian Federation), International Oil Service Company under the China Petrochemical Corporation (SINOPEC), "Schlumberger" and many others.

Concern “Turkmennebit” intends to further develop cooperation with foreign companies that are ready to offer new highly promising methods of geological exploration, advanced technologies in the field of horizontal well drilling, development of deposits with complex mining and geological conditions, prevention of sand intrusions and others.

 Among the new refining projects planned for implementation were the construction of a diesel fuel hydrotreater, a delayed coker and catalytic cracking unit with desulfurization and a hydrogen production unit.

 The concern is ready to consider other proposals from foreign companies for the modernization of the Turkmenbashi complex of oil refineries, including the Seydi refinery, aimed at improving the quality of produced petroleum products, producing a new range of products, improving and installing environmental protection equipment.

 Speaking about the possibilities of international cooperation in the development of hydrocarbon resources in the Turkmen sector of the Caspian Sea, Agajanov emphasized that this is one of the priority areas where the concern welcomes foreign direct investment.  Moreover, cooperation in this segment with foreign companies is carried out within the framework of the Law of Turkmenistan “On Hydrocarbon Resources” and concluded Production Sharing Agreements (Agreements), which provide very favorable fiscal conditions for investors, as evidenced by the successful experience of many years of partnership with Dragon Oil (  Turkmenistan) Ltd., Eni, Mitro International and others.

 Agajanov also noted that there is the most complete geological and other information on offshore blocks 21 and 23, which may be of interest to potential investors, while there are all opportunities to obtain information on the remaining licensed blocks located in the Turkmen sector of the Caspian Sea.