Turkmenistan to sign new contract for reconstruction of refinery with Chinese company

Oil&Gas Materials 26 December 2020 11:08 (UTC +04:00)
Turkmenistan to sign new contract for reconstruction of refinery with Chinese company

BAKU, Azerbaijan, December 26

By Jeila Aliyeva - Trend:

Turkmenistan’s Turkmenbashi Oil Processing Complex will conclude a contract with the consortium company INVEST Enterprises Limited of China and the private enterprise Azap for the reconstruction of two head-down electric power plants at its own expense, Trend reports with reference to Turkmenistan’s State News Agency.

President of Turkmenistan Gurbanguly Berdimuhamedov signed a corresponding decree authorizing the signing of a contract for reconstruction.

According to the decree, the contract is signed with the condition of completion of work within 18 months.

The contract is concluded in accordance with the "Programme of the President of Turkmenistan for the Socio-economic Development of the Country for 2019–2025", in order to successfully implement the tasks set for the Turkmenbashi Oil Processing Complex, as well as to ensure the safety and uninterrupted operation of technological facilities of this complex.

The Turkmenbashi Complex of Oil Refineries of Turkmenistan produced more than 1.7 million tons of gasoline of various brands and more than 1.65 million tons of diesel fuel from January through November of 2020.

As reported, Natural gas production in Turkmenistan will increase by 78 percent and reach the level of more than 141 billion cubic meters by 2050, at an annual growth rate of 1.9 percent.

As a holder of the fourth-largest volume of gas reserves worldwide, Turkmenistan has been unlocking the potential of natural gas, leading to an 11.5 percent average economic growth rate between 2000 and 2019, continuously expanding domestic gas production, attracting investors, and enhancing knowledge and technologies exchange.

Turkmenistan has exceeded expectations of oil and gas condensate production from January through November 2020.

The estimates of oil and gas condensate production were exceeded by 0.6 percent, oil refining – by 2.1 percent, gasoline production – by 3.9 percent, diesel fuel production – by 5.4 percent.

Also, the plan for natural and associated gas production was exceeded by 0.4 percent, gas exports – 0.2 percent, and investment development - by 6.2 percent.

Thus, the growth rate of liquefied gas production from January through November 2020, compared to the same period last year was 22.4 percent.


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