The measures are being taken to intensify the activity of the Turkmen National Oil and Gas Company and redistribute equity participation of its founders, Altyn Asyr TV channel reported June 17.
Turkmen Deputy Prime Minister Maksat Babayev presented the report on the implementation of the “Program for the Development of the Turkmen Oil and Gas Industry until 2030” at the governmental meeting.
Turkmen President Gurbanguly Berdimuhamedov instructed to thoroughly examine the situation in the world oil and gas market.
The president pointed to the need to increase the export potential of the industry, the volume of production of high-quality oil and gas chemical products.
According to the presidential decree signed in January 2016, the Turkmen National Oil and Gas Company was planned to be established.
The State Agency on Management and Use of Hydrocarbon Resources under the president of Turkmenistan with a 90 percent share in the authorized capital, Turkmengas state concern with a 2 percent share in the authorized capital, Turkmennebit oil concern – with a 2 percent share in the authorized capital, Turkmenbashi complex of oil refineries – with a 5 percent share in the authorized capital were to act as the founders of the new company.
However, the State Agency on Management and Use of Hydrocarbon Resources under the president of Turkmenistan was abolished in July 2016. Among the main activities of the Turkmen National Oil and Gas Company are exploration and drilling operations, oil and gas production, implementation of international projects in the fuel and energy sector.
Turkmenistan plays the role of one of the key players in the energy market in the Caspian region. Around 70-80 billion cubic meters of gas are produced in the country annually. Gas has been exported to Iran for a long time. A route to China was opened in 2009. An agreement was reached with China to increase the previously announced volumes up to 65 billion cubic meters of gas per year.