During 2021, Turkmenbashi Complex of Oil Refineries (TCOR) will purchase up to 500,000 tons of oil from foreign companies operating in Turkmenistan on the basis of Production Sharing Agreements, President of Turkmenistan Gurbanguly Berdimuhamedov signed the relevant Resolution during a Cabinet of Ministers meeting held online on Friday.
During the meeting, the Deputy Chairman of the Cabinet of Minister Shahym Abdrakhmanov, overseeing the country’s oil and gas complex, reported on the state of affairs in the supervised industries, measures taken to increase the refining of crude oil and natural gas and submitted to the President a draft Resolution on the purchase of crude oil from foreign firms, the country’s official media reports.
President Gurbanguly Berdimuhamedov stressed the importantance of increasing the efficiency of the oil and gas sector, designed to make a significant contribution to the socio-economic development of the country.
Noting that further diversification of the fuel and energy complex, modernization of its infrastructure on an innovative basis, increasing the production of petroleum products in demand among domestic and foreign consumers are among the priorities areas in this area, the Head of State gave specific instructions to the Vice-Premier.
After signing the Resolution, President of Turkmenistan sent it to the Vice-Premier and instructed to ensure proper implementation of the provisions of the document.
The TCOR is the largest enterprise in Turkmenistan. In terms of its scale, it is comparable to the leading oil refining concerns. The TCOR includes two plants, numerous oil depots and filling stations.