Business digest: the main economic news of Turkmenistan from November 14 to 20

Business news of the past week indicates the progressive development of the economy of Turkmenistan and its integration into regional processes.

The country is actively developing bilateral relations with neighboring countries, in particular with Iran and Azerbaijan. This promotes economic integration in the region. Plans to create new trade zones on the border with Iran seem especially promising.

The energy sector is seeing an increase in gas production due to the development of new wells. This will increase exports and strengthen energy security both in the region and the world as a whole.

Positive dynamics in commercial shipping indicates the development of foreign economic relations of Turkmenistan. Participation in international transport projects such as TRACECA opens up new logistics opportunities for Turkmen exports.

Announcements of upcoming events

On November 27-28, the seventh meeting of the Intergovernmental Turkmen-Azerbaijani Commission and business forum will be held in Ashgabat.

On April 24-25, 2024, oil and gas state concerns of Turkmenistan will hold an International Forum to attract foreign investment in the country’s energy sector in the capital of France.

Fuel and Energy Complex

The state concerns “Turkmengas” and “Turkmenneft”, as well as the State Corporation “Turkmengeologiya” received industrial gas inflows from the wells of three fields – Galkynysh, Tagtabazar-I and Uzynada. This was achieved through national investment in the exploration and development of new wells in the fields to increase oil and gas production.

Turkmenistan and Iran have declared their readiness to develop gas cooperation. Ashgabat expressed its intention to increase the volume of natural gas supplies to Iran through the “Korpeje-Kurt-Kui” gas pipeline, as well as through the Çaloýuk station. In addition, Ashgabat announced plans to increase natural gas supplies through Iran to third countries through a swap scheme.

President of Turkmenistan Serdar Berdimuhamedov invited partners from the UAE to actively participate in the implementation of large international energy projects. The invitation was made during a meeting with the UAE Minister of Energy and Infrastructure Suhail Al Mazrouei.

The State Electric Power Corporation Türkmenenergo, Tawanir companies and Sanergy Pishro Export and Energy Promotion signed a Framework Agreement to arrange financing for the Turkmen part of the Mary (Turkmenistan) – Mashhad (Iran) power transmission line.

Trade

Turkmenistan has taken the initiative to create new trade and economic zones on the border with Iran to further develop trade relations between the countries. They are planned to open at the checkpoints “Serakhs – Serakhs” and “Altyn Asyr - Inche-Burun”.

Business events

A specialized exhibition Iran Prože was held in Ashgabat. It was attended by representatives of almost 100 Iranian companies operating in the fields of oil and gas, construction and roads, the automotive industry, shipbuilding, etc.

Companies from Germany, China, Moldova, Türkiye, Azerbaijan and Uzbekistan will take part in the Agro-Pack Turkmenistan 2023 exhibition, which will be held from November 28 to 30, while the Netherlands, Russia and Iran will present special pavilions at the exhibition.

The delegation of Turkmenistan took part in the world's largest exhibition of agricultural machinery - AGRITECHNICA-2023 in Hannover, Germany.

Construction

The Central Bank of Turkmenistan announced a tender for the construction of a new shopping, entertainment and business center on A. Niyazov avenue in Ashgabat.

The Ministry of Construction and Architecture of Turkmenistan has announced a tender for the overhaul of the House of Culture for 200 places in the Bagir residential complex.

In the city of Arkadag it is planned to create a modern agricultural town with a university and research institutes. Projects for new building complexes have already been prepared.

Transport

Turkmenistan has officially joined the Basic Multilateral Agreement on International Transport for the Development of the Europe-Caucasus-Asia Corridor (TRACECA). Thus, the country expressed its commitment to promoting international cargo transportation and creating equal conditions for competition between different modes of transport on this important logistics route.

The State Agency for the Management of Highway Construction of Turkmenistan and the Ministry of Road and Urban Construction of Iran signed a Memorandum of Cooperation on the construction of the “Gumdag-Etrek-Iranian Border” highway.

During January-October 2023, CJSC “Marine Merchant Fleet” increased the total volume of cargo transportation by 23,8% compared to the same period in 2022. In total, 1,884 million tons of cargo were transported during the indicated period, and the cargo transportation plan was fulfilled by 129.9%.

Finance

Turkmenistan will join the Global Operational Network of Anti-Corruption Law Enforcement Agencies - GlobE. This became known during negotiations between the delegation of Turkmenistan and the United Nations Office on Drugs and Crime (UNODC) at the Vienna International Center. GlobE's goal is to ensure the rapid and efficient exchange of information and assistance in cases of cross-border corruption crimes and the recovery of stolen assets.