Turkmenistan sets up first oil joint-stock company NAPECO
Ashgabat, Turkmenistan, Nov.28
By Huseyn Hasanov- Trend:
Work on the creation of a national oil and gas company is underway, the charter and other founding documents of the corresponding closed joint stock company (CJSC) have been prepared in Turkmenistan on the instruction of President Gurbanguly Berdimuhammadov, said the message of the government of the country Nov.28.
The company will incorporate the presidential agency for management and use of hydrocarbons, the state-owned companies Turkmengaz and Turkmennebit, the state corporation Turkmengeology and the Tuirkemenbashi oil refineries, the message said.
"The state-owned National Oil and Gas Company will conduct exploration and drilling, produce oil and gas as well as implement international projects in the oil and gas sector," said the message.
The matter rests in the CJSC with the proposed NAPECO name of the company, which will be in the state ownership.
By focusing on issues relating to the comprehensive modernization of the national fuel and energy sector, the Turkmen president said that the country implements large-scale projects aimed at the realization of the enormous resource and investment opportunities.
The Turkmen leader said that "the establishment of the new enterprises, national oil companies in accordance with the generally accepted international practice, as well as in the form of joint-stock companies is intended to facilitate improving the competitiveness of strategic sectors of the Turkmen economy."
It also reported that the president generally endorsed this proposal and noted the need for in-depth study of organizational work and gave a number of specific instructions to the leadership of the industry.
Turkmenistan plays the role of one of the key players on the energy market in the Caspian region. About 70-80 billion cubic meters of gas are produced here annually, raw materials have been exported to Russia and Iran for a long time. The route to China was opened in 2009. China reached an agreement to increase the previously announced volume to 65 billion cubic meters of gas per year.