Turkmenistan strengthens positions in global Energy market

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As part of the international conference *“Oil and Gas of Turkmenistan – 2024”* in Ashgabat, Murad Archaev, the Deputy Chairman of the State Concern “Turkmengas,” presented key initiatives and achievements in the field of natural gas. He spoke at the session titled “The Future of Turkmen Natural Gas: New Export Routes and Export Potential,” reports Orient.tm.

Archaev emphasized the importance of the Galkynysh field, which ranks second in the world in scale and serves as a strategic resource for the country. The speaker highlighted the growing demand for natural gas, which, according to forecasts by the International Energy Agency, will increase by 20% by 2030 and by 30% by 2040.

He spoke about plans to develop the Galkynysh field and collaborate with major oil and gas companies to enhance export potential. Archaev reminded the audience about the Cooperation Agreement signed on March 1, 2024, between the Turkmengas State Concern and the Ministry of Energy and Natural Resources of Turkiye, aimed at delivering Turkmen natural gas to Turkiye and ensuring its transit to global markets.

The main goal of the Memorandum of Understanding signed on August 28, 2024, between the Turkmengas State Concern and the National Gas Company of Iran is to expand cooperation in the supply of Turkmen natural gas.

According to the signed documents, plans are in place to increase exports and diversify Turkmen gas supplies. Deliveries of 40 billion cubic meters of natural gas are expected to the Islamic Republic of Iran, with further transit under SWAP conditions to the Republic of Iraq, as well as in the southern direction to Turkey and European countries.

Archaev also announced the launch of the Serhetabat-Herat gas pipeline, which will become part of the TAPI project, linking Turkmenistan, Afghanistan, Pakistan, and India. This project will contribute to the economic development of the region and the creation of jobs. Earlier, the construction of a 214-kilometer section of the gas pipeline within the territory of Turkmenistan was completed.

Additionally, intentions were announced to modernize the country’s oil and gas sector in accordance with environmental standards, including reducing methane emissions and developing renewable energy sources.

The speaker invited international companies and financial institutions to participate in the implementation of new gas projects in Turkmenistan, highlighting reliable legal protection for investors.

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October 24, 2024