Russian companies sign memorandum of cooperation with Turkmenoil

Ashgabat, Turkmenistan, Aug. 28

By Huseyn Hasanov - Trend:

Industrial Group of Russian Metallurgical Complex and Turkmen State Concern Turkmenoil (also known as Turkmennebit) signed a memorandum of commercial and scientific-technical cooperation, according to a message from the industrial group.

The industrial group includes Chelyabinsk Pipe Rolling Plant JSC, Pervouralsky Novotrubny Works JSC, a metal trading division of Uraltrubostal Trading House, META LLC (a company manufacturing and processing scrap metal), and an oilfield service division represented by Rimera company.

The memorandum provides for comprehensive cooperation, especially as part of the project titled "White Well", according to the message.

The industrial group's project envisages comprehensive supply of oil drilling equipment and subsequent service.

Under the memorandum the industrial tests will be carried out at six wells of the Turkmenoil.

The industrial group's experts will determine the most suitable oilfield equipment to be delivered to Turkmenoil in accordance with the test results.

First of all, these are oil-well tubing, well casing and oil pipes for various purposes.

"Turkmenistan's oil and gas reserves, with a closed type economy, exceed 70 billion tons of equivalent fuel," the managing director of the industrial group Valentin Tazetdinov said, according to the message.

He noted that the memorandum's signing can be considered a breakthrough in the industrial group's commercial service.

Turkmenoil's activities cover more than 600 oil, gas, and oil-gas deposits that are at different stages of development. Among the deposits developed recently there are the Chekishler, Garadurun, South Kamyshlydja, Nebitlije deposits, which are located in the west of the country.

During the years of Turkmenistan's independence the concern managed to increase oil production from five million tons to eight million tons annually, and gas production - up to 11,600 million cubic meters, the company reported earlier.

Edited by CN

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