Turkmenistan to be showered with foreign investments

In 2003-2020, Turkmenia's oil and gas sector will receive up to $63-bln-worth investments, including $25.6 bln in direct foreign investments pursuant to the product-sharing agreement.

Turkmenistan's Minister for the Oil and Gas Industry and Mineral Resources Tachberdy Tagiyev said as much at the 8th international conference Turkmenistan's Oil and Gas, currently under way in Baku, Azerbaijan's capital.

At present, five product sharing agreements are being implemented, including two of them - on land, and three - in the Turkmen section of the Caspian Sea, Tagiyev explained.

"Foreign investors working in line with the product sharing agreements have considerably increased their contribution in the development of the oil and gas sector of Turkmenistan," the minister emphasised.

In the past seven years, the republic's oil industry received over $800 mln in investments, and this year Turkmenistan expects to get $180 mln.