Russian Lukoil Expresses Willingness to Develop Turkmen Hydrocarbon Fields

BUSINESS TURKMENISTAN
Russian Lukoil Expresses Willingness to Develop Turkmen Hydrocarbon Fields
Russian energy giant Lukoil is interested in implementing its first project on the Turkmen coast of the Caspian Sea.

Russian multinational energy corporation Lukoil is interested in implementing projects on the Turkmen coast of the Caspian Sea.

During his Wednesday meeting with the President of Turkmenistan Gurbanguly Berdimuhamedov, the head of the Public Joint Stock Company Lukoil Oil Company Vagit Alekperov confirmed the interest of the leading Russian oil company in cooperating with Turkmenistan and implementing mutually beneficial joint projects.

Turkmen President and the head of Lukoil exchanged views on the prospects of partnership, taking into account the existing potential and plans for its implementation.

The sides paid special attention to such key aspects of the country's energy strategy as the diversification of energy supplies to world markets, increasing the capacity of the oil extraction and processing segments, the further development of the gas and petrochemical industry and the production of high-tech products.

During the conversation, the businessman briefed the Head of State on Lukoil’s activities in the development of hydrocarbon deposits in the Caspian Sea.

A favorable investment climate and an appropriate legal framework have been formed in Turkmenistan, which allows investing large amounts of money efficiently in the development of oil and gas fields, according to Alekperov. He added that therefore, the company he heads is interested in implementing projects in these areas.

Turkmen President welcomed the initiatives of the Russian partners and called for the proposals on both sides to be worked out together with the Türkmennebit and Türkmengaz.

At the end of the meeting, the Head of State and the guest confirmed the readiness of Turkmenistan and Lukoil to further develop long-term mutually beneficial cooperation.

The largest Russian non-state enterprise Lukoil was founded in 1991. The company has operations and subsidiaries in more than 30 countries around the world.