Dubai to host Turkmenistan Energy investment forum
The Forum’s goal is to expand opportunities for attracting foreign direct investment into both the oil and gas industry of Turkmenistan and the emerging renewables industry. It is also intended to strengthen regional dialogue on further sustainable development of the energy sector. The Forum, which is also commonly referred to as Turkmenistan’s International Roadshow, will bring together leading national and international energy companies, as well as experts who shape the future of energy not only in Turkmenistan, but also in the region as a whole.
In addition to attracting investment in Turkmenistan’s energy sector, the agenda of the Forum embraces such key issues as the Future of Energy; New Era Energy: Prospects for Domestic and Regional Development; Environmental Aspects of Hydrocarbon Developments; and Acceleration of Energy Transition through Research & Development.
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As the world embarks on a massive energy transition so, too, is Turkmenistan changing. The country has so much to offer from hosting the world’s largest onshore gas field to world-class natural conditions for the development of solar and wind power. The opportunities which our resources and conditions offer will be the prime focus of the forthcoming international Road Show in Dubai where Turkmenistan’s leading energy companies will be actively seeking foreign direct investment in our abundant resources.
Turkmenistan is actively developing its renewable energy sector exemplified by the construction of a 10 megawatt hybrid solar-wind power plant at the Altyn Asyr Lake, on which actual construction is due to start this year. The project will be financed by the Abu Dhabi Development Fund (ADFD).
Turkmenistan also continues to be a major player in the Asian oil & gas market. The country’s hydrocarbon resources are estimated at over 71 billion tons of oil equivalent, comprising more than 20 billion tons of oil and more than 50 trillion cubic meters of natural gas. Given these figures, as of today, Turkmenistan operates the world’s largest onshore gas field, Galkynysh, and holds the world’s fourth-largest proven natural gas reserves, after Russia, Iran, and Qatar. Turkmenistan’s largest customer is the People’s Republic of China, which it currently supplies with over 30 BCMA through the three lines (A, B, and C) of the Central Asia Gas Pipeline system and, upon completion of the fourth D line, the annual Turkmen natural gas supply is set to reach a contractual 65 billion BCMA. Turkmenistan also supplies gas to Azerbaijan, Iran, and Russia.
Despite COVID and turmoil in global energy markets, Turkmenistan and its partners in the Turkmenistan-Afghanistan-Pakistan-India (TAPI) Gas Pipeline Project continue to support the implementation of this mega-project. The 1,853-km pipeline will deliver up to 33 BCMA natural gas from Galkynysh to three off-take points in Afghanistan, three offtake points in Pakistan, and a final off-take point at the Pakistan-India border to supply the Indian market. The linear part of the Turkmenistan section of the TAPI pipeline is currently being commissioned.
Turkmenistan is actively developing its offshore fields in the Caspian Sea and onshore in the Balkan region. Currently, a number of leading IOCs are producing oil and gas from contractual areas in the Caspian Sea, among them: ENI, Dragon Oil, and Petronas. The focus of this year’s conference will be the attraction of investment to offshore Blocks No. 21 and 23, West Cheleken, optimization of production from mature fields, and next-phase developments of the supergiant Galkynysh field, which holds the world’s second-largest gas reserves.
In parallel with the export of natural gas by pipeline, Turkmenistan is currently focusing on the processing of hydrocarbons, which in the long term may become dominant in the country’s economy. In recent years, several gas chemical complexes have been commissioned, and, in the near future, several more are planned in order to manufacture high-added value goods that are in high global demand.
Other strategic projects implemented in phases by the oil and gas complex of Turkmenistan include the project for the reconstruction of the Turkmenbashy Complex of Oil Refineries and the Seyidi Complex of Oil Refineries. This year, additional facilities for the deep processing of oil and a hydrogen production unit will be built at both refineries.
The Roadshow is one of the series of events, which will be held by the national energy companies of Turkmenistan this year, and marks new approaches to investment attraction.
At the last OGT conference in Ashgabat, the UK-based GaffneyCline signed a contract to provide consultancy support to SC “Turkmennebit” in preparation of investment packages for the Turkmen sector of the Caspian Sea. More information on these packages and bidding rounds will be presented at the Dubai Forum and Roadshow
Turkmenistan is working to create a favourable investment climate in the country in order to attract long-term foreign investments. Key elements of this include a state guarantee for reliable legal protection of investments and their return, the adoption of the laws «On Hydrocarbon Resources», «On Currency Regulation», «On Foreign Investments», and «On Investment Activities».
Among the main factors of the growing attractiveness of Turkmenistan for foreign investors is the stable economic and political situation in the country, as well as the legislative framework and state guarantees.
Participation in the discussions at the Forum and business meetings on the sidelines of the Roadshow will increase awareness and provide first-hand information to potential investors about new investment projects in the Turkmen energy sector.
Over 100 delegates have already registered for this event. Among the forum participants are high-ranking members of the UAE government, heads of major oil and gas companies, as well as international organizations.
In general, in addition to presenting the investment potential of Turkmenistan in the energy complex, the Forum constitutes a practical platform for developing new ties and establishing mutually beneficial cooperation between the business circles of Turkmenistan and its energy partners.
For more information, please visit: www.ogt-turkmenistan.com