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Turkmen Central Bank allocates funds to increase oil production

Oil&Gas Materials 9 February 2022 10:57 (UTC +04:00)
Turkmen Central Bank allocates funds to increase oil production

BAKU, Azerbaijan, February 9

By Amina Nazarli - Trend:

Turkmenistan has allocated more than 250 million manats ($71.55 million) to increase its oil production, Trend reports via Turkmen media.

During a working meeting, President of Turkmenistan Gurbanguly Berdimuhamedov signed the relevant decree.

The Central Bank of Turkmenistan is directed to allocate credit funds to the "Turkmenbashi" commercial bank for lending to the state concern Turkmenneft, according to the document.

The measures are aimed to ensure the timely completion of planned work to increase oil production, as well as the successful implementation of tasks assigned to the country's oil and gas industry.

“The state will continue to invest in this area,” the president said.

Back in January, the country allocated more than 234.5 million manats ($66.9 million) of state loans to the Turkmen national gas company - Turkmengaz and the state hydrocarbon corporation – Turkmengeologia to fund work to increase natural gas production.

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).

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