Turkmenistan actively continues to work to strengthen and expand international economic cooperation. Important milestones were the visit of the President of Turkmenistan Serdar Berdimuhamedov to Türkiye last week and the OGT-2023 oil and gas forum in Ashgabat.

In the energy sector, Turkmenistan aims to increase gas production and exports and implement projects in oil refining and power generation. In the field of transport and logistics, cooperation with Russian regions is expanding.
Turkmenistan is also planning a number of investment forums with the participation of European businesses. This opens up good prospects for attracting technology and capital from EU countries and will contribute to further diversification and modernization of the economy of Turkmenistan.

Announcements of upcoming business events

Within the framework of the 16th meeting of the cooperation forum “Central Asia - Republic of Korea”, which will be held on November 1, the Business Forum of Young Entrepreneurs of Central Asia and the Republic of Korea, the 4th meeting of the Business Council “Central Asia - Republic of Korea”, the 5th meeting will be held in Ashgabat Business Council “Central Asia - Republic of Korea”, as well as an exhibition of achievements of the states of Central Asia and the Republic of Korea.

On November 1-3, the delegation of Turkmenistan will take part in the 19th international exhibition “Transport and Logistics - TransLogistica Uzbekistan 2023” in Tashkent.
A delegation of Austrian businessmen will visit Turkmenistan in December.

Fuel and Energy Complex

The expected volume of Turkmen gas supplies to Russia in 2023 is about 5 billion cubic meters, as provided for in the previously concluded contract with “Gazprom” PJSC. Deputy Chairman of the “Turkmengas” State Concern Murad Archayev spoke about this on the sidelines of the OGT-2023 conference in Ashgabat.

The head of the state concern also said that during 2023 Turkmenistan intends to produce over 80 billion cubic meters of natural gas. According to forecasts, this year Turkmenistan will export about 40 billion cubic meters of blue fuel abroad.

State Concern “Turkmenneft” invited international companies to take part in the implementation of four major projects - the construction and modernization of various installations at the Turkmenbashy oil processing complex and the Seydi oil refinery.

The State Electric Power Corporation “Turkmenenergo” entered into a contract with Çalik Enerji Sanayi ve Ticaret A.Ş. for the construction of a new power plant with a capacity of 1574 MW near the city of Turkmenbashy, Balkan velayat. President of Turkmenistan Serdar Berdimuhamedov said that the new facility will open the possibility of exporting electricity to Türkiye through third countries.

At the Turkmenbashy oil processing complex (TOPC) in the Balkan velayat of Turkmenistan, two new gas turbine power plants with a design capacity of 70 Megawatt/hour are being prepared to be put into operation. The project was implemented by the Turkish company Çalik Enerji.

Turkmenistan will soon put into operation a new high-voltage power transmission line from Mary to Ahal, which is one of the stages of the project built within the framework of the formation of a unified ring power system in the country.

Investments

President of Turkmenistan Serdar Berdimuhamedov proposed to Türkiye to create a Joint Investment Fund and a Joint Working Group on Investments, speaking at the opening of the Turkmen-Turkish Business Forum in Ankara. The head of state also called it acceptable to consider the issue of opening branches of leading Turkish banks in Turkmenistan to provide financial support for the activities of Turkish investors and businesses in the country.

President Serdar Berdimuhamedov invited Turkish entrepreneurs to implement various large-scale projects in Turkmenistan, including “Ashgabat City” and the second stage of the city of Arkadag.

The State Bank for Foreign Economic Affairs of Turkmenistan will expand cooperation with the Fitch Ratings International Agency. Strengthening interaction with rating agencies is aimed at increasing the volume of attracted foreign investment and simplifying credit conditions.

Turkmenistan plans to hold a number of investment forums with the participation of British, German and French businesses. One of the events will be in November. A traveling investment forum in Paris is planned for 2024.
Turkish Minister of Industry and Technology Mehmet Fatih Kacir said that Türkiye seeks to increase investments in Turkmenistan and increase mutual trade turnover.

Finance

The total export volume of Turkmenistan for 8 months of 2023 amounted to 7,8 billion US dollars. The volume of foreign trade turnover reached 13,7 billion US dollars. This was said by the Chairman of the State Bank for Foreign Economic Affairs of Turkmenistan, Rahimberdy Jepbarov, speaking at the international oil and gas conference OGT-2023.

Transport

Deputy Chairman of the Government of the Astrakhan Region Denis Afanasyev announced the region’s readiness for closer cooperation with Turkmenistan in the field of shipbuilding.

Turkmenistan and the Republic of Dagestan of the Russian Federation are negotiating the launch of the first cargo ship between the ports of Makhachkala and Turkmenbashy. The Russian side expects from its Turkmen partners data on the type of the first ship and the format for placing it on the line, on the basis of which the necessary cargo base and port infrastructure will be prepared.