Turkmenistan Allocates 250 Million Manats to Boost Domestic Oil Production

Turkmenistan Allocates 250 Million Manats to Boost Domestic Oil Production

Türkmennebit (Turkmen Oil) State Concern, the national oil production company of Turkmenistan, will receive over 250 million manats of investment for the development of the oil and gas industry, President Gurbanguly Berdimuhamedov signed the relevent Resolution during the working meeting held online on Tuesday.

According to the document, the Central Bank of Turkmenistan will allocate credit funds to the Türkmenbaşy Joint-Stock Commercial Bank for lending to the Türkmennebit State Concern to finance the planned works on increasing the volume of oil production through the exploration and development of oil and gas fields.

At the meeting, Deputy Chairman of the Cabinet overseeing the country's fuel and energy complex Shakhym Abdrakhmanov briefed about the activities of relevant agencies to increase supplies of Turkmen natural gas to international markets and to expand international gas pipeline routes, the country's official media reports.

Following the report, the Turkmen Leader said that an important strategy for increasing the capacity of the fuel and energy complex of Turkmenistan is diversification and digitization of production.

In this regard, the President said investments were recently allocated to the Türkmengaz State Concern and Türkmengeologiýa State Corporation and that he took the decision to sign a decree on the allocation of funds to Türkmennebit.

In January, President Berdimuhamedov signed a decree on the allocation of 234.5 million manats in state loans to the Turkmen national gas company Türkmengaz and the state hydrocarbon exploration corporation Türkmengeologiýa.