Italian business circles explore Turkmen market

Business Materials 23 May 2019 15:29 (UTC +04:00)

Ashgabat, Turkmenistan, May 23

By Huseyn Hasanov – Trend:

Another informal Italian-Turkmen business forum has been held in Ashgabat, Trend reports referring to the Italian embassy in Ashgabat on May 23.

The representatives of the Italian Trade Commission, the Turkmen Chamber of Commerce and Industry, the Turkmen Union of Industrialists and Entrepreneurs, the European Bank for Reconstruction and Development (EBRD), and the companies involved in industrial, technological and commercial relations between the two countries attended the meeting.

The event mainly focused on the conditions of doing business in Turkmenistan and updated information on bilateral economic and trade relations.

The recent foreign trade turnover between Turkmenistan and Italy reached about $1.5 billion annually.

Among the key vectors of intensifying the interstate cooperation between the two countries are the fuel and energy sector, trade, the transport and communications complex and agriculture.

The Italian companies actively operate in the Turkmen oil and gas sector.

In November 2014, Eni company extended its activity in Turkmenistan for 10 years within Production Sharing Agreement (PSA), according to which it develops the contract area stretching over more than 1,000 square kilometers in the country’s Balkan region.

The company also expressed interest in exploration of offshore blocks 19 and 20 in the Turkmen sector of the Caspian Sea with reserves of more than 500 million tons of oil and 630 billion cubic meters of natural gas.