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Turkmenistan increased production of natural gas 40 pct over year

The gas industry plays a key role in the country’s export potential

TURKMERNBASHI, May 26 (Itar-Tass) —— Turkmenistan in 2011 produced 66 billion cubic meters of natural gas, which is 40.6 percent more than in 2010, the director of the Turkmenistan’s Strategic Planning Institute, Muhametgeldy Atayev, told the country’s third gas congress on the Caspian this week.

The gas industry plays a key role in the country’s export potential, Atayev said.

“In 2011 the export of gas yielded nearly 11 billion dollars, which is 2.1 times more than in 2010. In January-April Turkmenistan produced 26.6 billion cubic meters, of which 11.2 billion cubic meters was exported for about four billion dollars. This parameter is 76.2 percent above the level of 2011,” he said. “In January-April 2012 the share of the gas industry in the overall export revenues stood at 55 percent, and in the structure of profit, at 66 percent,” Atayev said.

“The gas industry will retain its importance for the economy in the longer term,” he believes. “The national program for the industry’s development in 2012-2016 envisages a 70-percent increase in natural gas production. Up to 66 percent of the produced gas will be exported.”

As he dwelt on the subject of investments in the projects of the public corporation Turkmengaz, which produces 70.6 percent of Turkmenistan’s gas, Atayev said that in 2011 the concern spent about 2.5 billion dollars, which is equivalent to 20 percent of all of the country’s capital investments. In the first quarter of 2012 912 million dollars was spent – 27.4 percent of the overall capital investment.

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