Parliament of Turkmenistan Ratifies MoU on Dostluk Field

BUSINESS TURKMENISTAN
Parliament of Turkmenistan Ratifies MoU on Dostluk Field
The MoU on joint exploration and development of hydrocarbon resources of the Dostluk field in the Caspian Sea was signed on January 21 in Ashgabat.

The Mejlis (Parliament) of Turkmenistan during an online session last Saturday adopted a Resolution on the ratification of the Memorandum of Understanding between the governments of Turkmenistan and Azerbaijan on joint exploration and development of hydrocarbon resources of the Dostluk field in the Caspian Sea, the official media of the country reports.

The MoU between the Governments of the two states on joint exploration and development of hydrocarbon resources of the Dostluk field in the Caspian Sea was signed on January 21 in Ashgabat.

In February, President of Azerbaijan Ilham Aliyev signed a Law approving the document. Azerbaijan's Milli Mejlis (Parliament) also ratified the MoU last month.

The resources of the Dostluk field are expected to be distributed between Azerbaijan and Turkmenistan in the ratio of 30% to 70%, respectively.

The signing of the memorandum on Dostluk has attracted attention from Russian private oil producer Lukoil. In a meeting with the Head of the company in Ashgabat on February 18, President of Turkmenistan Gurbanguly Berdimuhamedov expressed Turkmen side’s support for the company's intent to participate in the development of the Dostluk field, as well as its readiness to consider specific investment proposals for the implementation of the project.