Turkmenistan approves regulation on oil ministry
Turkmenistan, Ashgabat, March 9 / Trend H. Hasanov /
Turkmen President Gurbanguly Berdimuhamedov has approved Regulations on the Turkmen Ministry of Petroleum and Mineral Resources, the official Turkmen source said on Friday.
The document was adopted to successfully meet the challenges set before the country's oil and gas industry in the national programme of Turkmenistan's socio-economic development for 2011-2030, to further improve the institution.
The Ministry deals with the centralised management of field development and rational use of mineral resources. It also ensures the implementation of a unified state policy in this area.
The Ministry must conduct analytical work and prepare prospective plans and long-term development programmes of the oil and gas sector. It also coordinates the activity and determines the development strategy of the oil and gas complexes.
Turkmenistan is a key supplier of natural gas to the Caspian region. It hopes for developing new sales markets in Europe, Pakistan and India. At present, Turkmen gas is exported to China, Iran and Russia.
It is planned to increase annual natural gas production to 230 billion cubic meters, mainly for export in accordance with the Turkmen Oil and Gas Industry Development Programme in 2030.