The Forum to Attract Foreign Investments in Turkmenistan’s Energy Sector will be held in Paris on 24-25 April 2024. The Forum's principal organizers were the State Concerns "Turkmengas" and" Turkmennebit", and the State Corporation “Turkmengeology” in partnership with Turkmen Forum and UK-based GaffneyCline.
The purpose of this event is to expand the opportunities for attracting foreign direct investment in all aspects of the Energy industry of Turkmenistan and to strengthen regional dialogue on further sustainable development of the energy sector. Upstream, midstream and downstream opportunities will also be addressed. The Forum will bring together leading national and international energy companies, as well as experts who shape the future of the oil and gas industry not only in Turkmenistan but also in the wider region.
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 Paris 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. A good example of that is the construction of a hybrid solar-wind power plant with a capacity of 10 megawatts, construction of which will commence this year at the Altyn Asyr Lake.
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, that is over 20 billion tons of oil and over 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. Currently, Turkmenistan’s largest customer is the People’s Republic of China. Turkmenistan currently supplies China 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 will 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.
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 deep 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 to be built in order to manufacture high-added value goods that are in high demand on world markets.
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 Forum 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 OGT 2022 conference in Ashgabat, the UK-based GaffneyCline signed the contract to provide consultancy support to SC “Turkmennebit” in preparation of investment packages for the Turkmen sector of the Caspian Sea.
In addition to the attraction of investment in Turkmenistan’s energy sector, the forum agenda is focused on such issues as the Role of Turkmenistan in the Future of Global Energy, Investment Opportunities in the Turkmen Energy Sector: Onshore and Affshore, Environmental Aspects of Hydrocarbon Developments, New Era Energy: Prospects for Domestic & Regional Development, and Accelerating Turkmenistan’s Drive to Monetize and Diversify New Energy Resources.
A key aspect of creating a solid legal framework in Turkmenistan is the adoption of the law of Turkmenistan «On Hydrocarbon Resources», «On Currency Regulation», «On Foreign Investments», and «On Investment Activities», which are aimed at creating a favourable investment climate in the country in order to attract long-term foreign investments and a state guarantee for reliable legal protection of investments and their return. 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.
We are confident that participation and business meetings on the sidelines of the Forum will increase awareness and provide first-hand information to potential investors about new investment projects in the Turkmen energy sector. After the successful Dubai Investment Forum, we are delighted to host our delegates in person in Paris. For those who cannot join us in person, we will live stream the Forum through the Zoom platform. Meetings on the sidelines of the Forum with the senior management of the Turkmen oil and gas, energy, and finance sectors as well as the chemical industry will also be available in both in-person and online formats.
We hope that the upcoming forum will serve as an excellent platform for establishing mutually beneficial cooperation!
We look forward to seeing you in Paris!