Turkmenistan announces plans to develop oil refining industry
Turkmenistan, Ashgabat, March 26 / Trend H. Hasanov /
The capacity of Turkmenistan's oil refining industry will increase to 15 million tons of oil per year in 2015, while in 2020 - to 20 million tons of oil, in 2025 - to 22 million tons, in 2030 - to 30 million tons, the Ministry of Oil and Gas Industry and Mineral Resources said.
According to the approved plans, the construction of an oil refinery will begin in the west of the country - in the Balkan region in 2025, two more oil refineries will be constructed in the Akhal and Mary regions in 2030. It is also planned to continue work on modernization of existing enterprises.
In particular, this concerns the country's largest oil refinery in the Turkmenbashi city (where reconstruction work worth $1.6 billion has been already carried out at this stage with the participation of foreign companies) and an oil refinery, located in the east of the country in the Seydi city, where a tender winner has recently been determined.
At present, Turkmenistan annually produces about ten million tons of oil, while by 2030 these volumes are scheduled to be increased to 67 million tons of oil per year, mainly due to development of the Turkmen sector of the Caspian Sea. At present, talks are underway with companies such as ExxonMobil, BP, Gas de France, Total, Chevron, TX Oil, Mubadala, ConocoPhilips and others.