Turkmenistan Selects Contractors for Underground Gas Storage Construction

Turkmenistan Selects Contractors for Underground Gas Storage Construction
Turkmenistan Energy Investment Forum (TEIF 2024), April 24, 2024, Paris, France

Turkmenistan announces prequalification for International Tender on underground gas storage construction, Türkmengaz (Turkmen Gas) Chairman Maksat Babayev stated at the opening of the Turkmenistan Energy Investment Forum (TEIF 2024) in Paris, France, on Wednesday.

Babayev highlighted that establishing such a storage facility would help balance seasonal fluctuations in natural gas production and consumption, ensuring stable export supplies, as reported by TASS.

Deputy Chairman of the Cabinet of Ministers of Turkmenistan, Batyr Amanov, also spoke at the forum, emphasizing the growing demand for Turkmen energy resources.

Amanov stated that Turkmenistan actively attracts foreign investments and advanced technologies to address significant economic challenges. Key projects include completing the Turkmenistan-Afghanistan-Pakistan-India gas pipeline, attracting foreign investments for the development of Turkmen sectors of the Caspian Sea, and implementing major extraction projects.

Turkmenistan ranks fourth globally in proven natural gas reserves after Russia, Iran, and Qatar. The country's hydrocarbon resources are estimated at over 71 billion tons of oil equivalent, comprising over 20 billion tons of oil and over 50 trillion cubic meters of natural gas. Currently, China is the largest consumer of Turkmen natural gas.