Meeting with Putin of exceptional importance for Serbia - premierWorld March 27, 4:16
Election in Moldova shows people support rapprochement with Russia - Socialist factionWorld March 27, 4:06
Former Zenit FC player Kazachenok dies at 64Sport March 27, 1:37
Russian senior MP calls on EU politicians not to hide heads in sand in Syrian settlementRussian Politics & Diplomacy March 26, 18:09
Three Russian fans stabbed after football match in BelgradeSport March 26, 3:28
Russia ready to take part in restoring oil production in Syria - energy ministerBusiness & Economy March 26, 3:27
Moscow disappointed over new US sanctions against Russian companies - Foreign MinistryRussian Politics & Diplomacy March 26, 1:28
US sanctions 8 Russian companies over non-proliferation lawWorld March 25, 21:53
Russia's Defense Ministry says US-led coalition unlikely to launch battle for Raqqa soonRussian Politics & Diplomacy March 25, 19:06
ASHGABAT, November 28. /TASS/. A first closed corporation - the national oil and gas company NAPECO - has been established in Turkmenistan’s oil and gas sector on the instruction of President Gurbanguly Berdymukhamedov who approved the company’s charter and basic documents, the presidential press service said on Thursday.
“The creation of a closed corporation in the oil and gas sector meets the plans for modernisation of the national energy industry,” Berdymukhamedov said. “It will facilitate its competiveness and help implement large-scale projects aimed to put into practice the country’s colossal resource and investment opportunities.”
Deputy Prime Minister Baimyrat Khodzhamukhammedov told the president that the company would incorporate the presidential agency for management and use of hydrocarbons, the state-owned companies Turkmengaz and Turkmennebit, the state corporation Turkmengeology and the Tuirkemenbashi oil refineries.
The state-owned National Oil and Gas Company will conduct exploration and drilling, produce oil and gas as well as implement international projects in the oil and gas sector.
Currently, Turkmenistan’s total geological reserves are estimated at the amount of 71.21 billion metric tonnes of fuel equivalent. Predicted resources at Turkmenistan’s largest and the world’s second Galkynysh deposit are estimated at 26.2 trillion cubic meters ranking the country fourth in gas deposits.
At least 70% of Turkmenistan’s GDP makes up the gas sector.
The country delivers its natural gas through export pipelines to Russia, China and Iran, with plans to increase gas output to 230 million cubic meters by 2030.