Turkmenistan allocates loans to expand natural gas fields exploration

Oil&Gas Materials 27 January 2022 17:03 (UTC +04:00)

BAKU, Azerbaijan, January 27

By Amina Nazarli - Trend:

The Turkmen national gas company - Turkmengaz and the state hydrocarbon corporation - Turkmengeologia will receive more than 234.5 million manats ($66.9 million) of state loans to fund work to increase natural gas production, Trend reports citing Business Turkmenistan portal.

The Türkmenbaşy state commercial bank of Turkmenstan will provide a loan to the Turkmengaz concern in the amount of more than 159.5 million manats ($45.6 million) and the Turkmengeology corporation in the amount of 75 million manats ($21.4 million).

Turkmenistan's gas reserves have increased by 126 billion cubic meters as a result of industrial development of recently discovered gas fields.

With 32 licensing blocks, the Turkmen part of the Caspian Sea possesses 12.1 billion tons of oil and gas condensate and 6.1 trillion cubic meters of gas.