ADB to assist Turkmenistan in diversifying energy markets
Ashgabat, Turkmenistan, Aug. 5
By Huseyn Hasanov – Trend:
The Asian Development Bank (ADB) aims to encourage diversification of the Turkmen energy markets, Trend reports referring to the bank.
"Together with my team, I look forward to supporting the diversification of export markets for Turkmenistan’s energy products and supporting private sector development to create jobs and help the country achieve its development goals," said the new Country Director for Turkmenistan C. C. Yu.
In November 2018, ADB approved the Country Operations Business Plan, 2019–2021, for Turkmenistan, with committed lending amounting to $150 million and another $690 million for prospective projects to develop the country’s transport and transit potential, promote energy exports, and advance private sector operations, the information reads.
ADB’s development partnership with Turkmenistan began in 2000.
The cooperation between Turkmenistan and ADB manifests itself in many areas, particularly in the diversification of the hydrocarbon market, the increase of sales of energy resources, provision of investments in transport infrastructure, and promotion of entrepreneurship.
Another important area of investment interaction is the transportation of hydrocarbons. This includes the transnational Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline, currently under construction. As one of the main partners in the TAPI project, ADB has included this area in its investment work plan for 2019-2021.
At the same time, the ADB is working to finance the construction of a transmission line and a fiber-optic communication system along the TAPI route and the construction of a ring power system.
According to a report by the British Petroleum (BP), Turkmenistan ranks fourth globally in terms of natural gas reserves and exports its natural gas to China and Russia.