Major events in Caspian countries' oil and gas industry for last week (July 11-15)

Analysis Materials 18 July 2016 16:17 (UTC +04:00)

Fuel and energy complex reformed in Turkmenistan

Turkmen President Gurbanguly Berdimuhamedov made a decision to abolish the Oil and Gas Ministry to further improve the management of the oil and gas sector, the industry and regulate the flow of funds, the Turkmen government said.

A department of the Cabinet of Ministers, which is subordinate to Turkmen Deputy Prime Minister Yagshygeldy Kakayev, dealing with the oil and gas complex, will be charged with the main functions of the abolished ministry. Some organizations and enterprises of the abolished ministry will operate under Turkmengaz and Turkmennebit (Turkmenoil) state concerns.