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KUALA LUMPUR, Malaysia, April 24 (ORIENT). On the sidelines of the International Forum on Attracting Foreign Investment to Turkmenistan's Economy - 2025, held in the capital of Malaysia, a report was presented by the Head of the State Concern "Turkmennebit" Guvanch Agajanov. The presentation took place during a session dedicated to the broad investment opportunities in Turkmenistan's energy sector, with a particular emphasis on the oil and petrochemical industries. The report provided a detailed overview of the current state of affairs and development prospects of one of the key sectors of the national economy, focused on attracting foreign investment and technologies.

Addressing the event participants, the Chairman of the State Concern "Turkmennebit" Guvanch Agajanov, expressed confidence that the forum would play an important role in discussing new directions and priority areas for mutually beneficial cooperation between Turkmenistan and the global energy community.

The successes of Turkmenistan's oil and gas industry and the creation of favorable conditions for attracting foreign investment have been made possible thanks to the wise policy and constant support of the President of Turkmenistan, Serdar Berdimuhamedov, as well as under the leadership of the National Leader, Chairman of the Halk Maslahaty of Turkmenistan, Gurbanguly Berdimuhamedov. This strategic approach of Turkmenistan is aimed at the efficient utilization of significant hydrocarbon reserves to stimulate economic growth, diversification, and integration into global markets.

Extensive Resource Potential and Priority Investment Areas

The Head of the Concern emphasized that Turkmenistan's vast resource potential – both onshore and in the Caspian Sea offshore – has always been at the center of attention of the global energy community. In his report, he focused on the main areas of greatest interest to investors:

Prospects for the development of offshore resources in the Turkmen sector of the Caspian Sea. This is one of the priority areas. Since 2016, the authority to conduct negotiations regarding offshore license blocks has been transferred to the State Concern "Turkmennebit". Cooperation with foreign companies is carried out within the framework of the Law of Turkmenistan "On Hydrocarbon Resources" which establishes the legal framework for exploration, production, and processing. The law provides for various types of contracts known in international practice, including Production Sharing Agreements (PSA), concessions, joint ventures, and risk service contracts, allowing for their combination.

The legislation of Turkmenistan provides fundamental guarantees for foreign investors. In particular, a simplified and preferential fiscal system is provided with a single type of tax – income tax – and several payments for the use of natural resources, exempting investors from all other mandatory payments and fees. The investor also has the opportunity to freely dispose of their share of hydrocarbons.

The Turkmen sector of the Caspian Sea is divided into more than 30 license blocks. If interested, a potential investor can submit an official application to the State Concern "Turkmennebit" and, after consideration, is invited to direct, non-exclusive negotiations on the selected block. The report presented information on a number of the most studied and promising offshore blocks (Nos. 11, 12, 16, 21, 23, 24), for which teasers have been prepared and geological and seismic data (2D and 3D) are available. It was noted that blocks No. 11 and 12 are adjacent to a block where the company "Petronas" is successfully operating, which indicates their high potential. Promising structures, including "Garabogaz-Deniz" have been identified in these and other blocks.

Cooperation in the field of mature field development with the involvement of new and innovative technologies. One of the main tasks of the Concern is to increase the volume of produced raw materials. This requires the introduction of modern progressive technological solutions at all stages – from exploration and drilling to modeling, field preparation, and enhancing the final oil and gas recovery factor of reservoirs. The Concern "Turkmennebit" is already successfully cooperating with leading international companies within the framework of service and other contracts to improve oil recovery at existing and promising fields using innovative methods. The Concern expresses its intention to further strengthen partnerships with companies ready to offer advanced technologies.

Cooperation in the oil refining and petrochemical sector.This sector is represented by the Turkmenbashy Complex of Oil Refineries (TCOR) and the Seydi Oil Refinery. A key element of modernization is the phased reconstruction of these enterprises, aimed at increasing processing capacities, improving product quality, and expanding export opportunities. The main directions of refinery development include the introduction of new technologies, increasing product competitiveness, and ensuring their compliance with international standards.

It was particularly noted that TCOR is one of the largest producers in Central Asia of a wide range of high-quality, export-oriented products that meet the highest international standards. The assortment includes high-octane gasoline, aviation kerosene, diesel fuel, petroleum coke, industrial oils, liquefied gas, polypropylene, construction and road bitumen, as well as other petrochemical products.

Openness to Dialogue and Partnership Prospects

The Chairman of the State Concern "Turkmennebit," Guvanch Agajanov, emphasized that the State Concern "Turkmennebit" is open to dialogue for establishing and developing cooperation with international companies. The invitation to partnership is based on the principles of equality and mutual benefit, as well as the consistent observance of interests and assumed obligations. The speech of the Head of "Turkmennebit" at a reputable international platform confirmed Turkmenistan's strategic focus on actively attracting foreign investment and advanced technologies for the further development of its enormous energy potential, emphasizing the country's openness to long-term and mutually beneficial partnership.

Photo: orient.tm