Turkmenistan, LUKOIL talk dev’t of hydrocarbon resources of Caspian Sea region

Turkmenistan Materials 20 October 2021 10:55 (UTC +04:00)
Turkmenistan, LUKOIL talk dev’t of hydrocarbon resources of Caspian Sea region

BAKU, Azerbaijan, Oct. 20


Turkmenistan and LUKOIL discussed the development of hydrocarbon resources of the Caspian Sea region, Trend reports referring to State News Agency of Turkmenistan.

The mentioned issue was discussed by the President of Turkmenistan Gurbanguly Berdimuhamedov and the head of LUKOIL Public Joint Stock Company (PJSC) Vagit Alekperov.

Is reported that the head of LUKOIL confirmed the high interest of the business circles of Russia and, in particular, of the largest oil company he heads in expanding mutually beneficial partnership with our country.

In turn, Berdimuhamedov stressed that Turkmenistan is always open for productive business interaction, including in the fuel and energy complex, where there is a huge resource and economic potential.

Continuing the meeting, the sides exchanged views on topical areas of bilateral cooperation, development of broad preconditions, which are determined by the comprehensive energy strategy being implemented by Turkmenistan. Its main vectors are the radical modernization of the oil and gas industry, the increase in production and processing capacities, the stimulation of investment activities, the implementation of large infrastructure projects with foreign partners, and the diversification of routes for the export of Turkmen energy resources to the world market.

Also, the subject of a thorough discussion was the development of hydrocarbon resources of the Caspian region, where the key factor is the establishment of coordinated international interaction based on legal norms and respect for each other's interests.

In this context, new opportunities for fruitful partnership are opened by the Memorandum of Understanding signed in January of this year between the governments of Turkmenistan and Azerbaijan on joint exploration, development and development of hydrocarbon resources of the Dostluk field in the Caspian Sea.

Having informed President Gurbanguly Berdimuhamedov about the activities of LUKOIL in Turkmenistan, including the progress of projects in the Caspian Sea, Alekperov again emphasized his interest in further cooperation. Expressing deep gratitude to the head of state for the trust, the head of the company confirmed the intention of the Russian partners to take an active part in the large-scale sectoral programs being implemented in Turkmenistan.

At the same time, it was noted that the far-sighted policy initiated by the president of Turkmenistan, the favorable investment climate created in the promising Turkmen market and the formed reliable legal framework contribute to attracting foreign investment in the development of hydrocarbon deposits and the construction of related infrastructure.

Alekperov assured LUKOIL headed by him will continue to approach with all responsibility the fulfillment of its obligations.

Berdimuhamedov noted that striving to realize its impressive energy potential for the common good, Turkmenistan attaches great importance to the digitalization of the oil and gas sector, the introduction of innovative environmentally friendly technologies and the best achievements of scientific and technological progress into the industry. And here it can find an effective practical application of the advanced experience of leading foreign, including Russian companies, with which long-standing partnerships have been established.

At the end of the meeting, President Gurbanguly Berdimuhamedov and the head of LUKOIL Vagit Alekperov expressed confidence in the successful continuation of bilateral cooperation on a mutually beneficial long-term basis.