Turkmenistan to Receive $4bn Foreign Energy Investment

Turkmenistan expects to attract over $4bn in foreign energy investments this year, according to a government official.

Turkmenistan’s state agency for hydrocarbon resources representative Ashir Begliyev said this year’s foreign investment will surpass the $2.8bn achieved last year.

The country is broadening its export markets from Russia to the West, China and other Asian countries, according to Reuters.

Foreign companies extracted four million tonnes of oil in Turkmenistan last year compared with 70,000 tonnes in 1997.

In the Caspian Sea 30 exploration blocks are being put up for bidding and have the potential of 6.2 trillion cubic metres of natural gas and 12 billion tonnes of oil.