Foreign companies active in almost all sectors of Turkmenistan

Business Materials 9 November 2020 17:40 (UTC +04:00)
Foreign companies active in almost all sectors of Turkmenistan

BAKU, Azerbaijan, November 9

By Jeila Aliyeva - Trend:

Joint and foreign companies are active in almost all sectors of Turkmenistan’s economy, most of which belong to the non-state sector, said economic observer for Turkmenistan Valentin Trapeznikov, Trend reports with reference to CentralAsia.news information portal.

Some 635 joint and foreign enterprises, 986 of their branches and representative offices from more than 70 countries were registered in Turkmenistan at the beginning of 2020.

He noted that the scale of activities of foreign companies in Turkmenistan is most clearly characterized by indicators in the oil and gas industry, where several projects are being implemented by foreign investors under the terms of production sharing agreements.

"In particular, the companies Dragon Oil (UAE), Petronas (Malaysia), Italian Eni, Chinese CNPC and a number of others are actively developing fields, annually increasing the volume of oil and gas production, "he said.

These companies produced about 57 percent of oil and more than 29 percent of gas in Turkmenistan from January through September of this year. Foreign investment in the extraction of hydrocarbon resources amounts to tens of billions of dollars and continues to grow.

According to the information, the priority activities of joint and foreign enterprises in Turkmenistan include construction, manufacturing, wholesale and retail trade, repair of motor vehicles, transportation, storage of goods, scientific and technical activities, agriculture, forestry and fishing.

Follow the author on Twitter: @JeilaAliyeva