Turkmenistan Hosts International Energy Forum in Paris to Attract Foreign Investment

The International Forum to attract investment in the fuel and energy sector of Turkmenistan (TEIF 2024) kicked off in Paris on April 24, 2024. The two-day event, organized by the State Concerns 'Turkmengas' and 'Turkmennebit' in partnership with 'Turkmen Forum' and the British company GaffneyCline, aims to attract foreign direct investment in the oil and gas, energy, transport, and communications sectors of Turkmenistan's economy.

The Turkmen delegation, led by Deputy Prime Minister Batyr Amanov, arrived in Paris on April 23 to attend the forum. The main goal of the event is to discuss prospects for cooperation in the production, transportation, and refining of oil and gas, the development of renewable energy sources, and the expansion of international dialogue for sustainable energy development. Key national organizations and ministries of Turkmenistan will provide information about new investment projects during the forum.

Maksat Babayev, the Chairman of the 'Turkmengaz' State Concern, spoke about plans to develop the world's largest gas field Galkynysh, and invited foreign investors to cooperate in its development. The completed first stage of development of the field in the southeast of Turkmenistan ensures the export of 30 billion cubic meters of gas per year to China. The second stage is planned to increase supplies by 25 billion cubic meters, and the third stage will become the resource base for the Turkmenistan-Afghanistan-Pakistan-India gas pipeline project with a capacity of 33 billion cubic meters per year.

Why this matters: Turkmenistan, with vast natural gas reserves, is actively investing in the development of its energy sector, introducing new technologies, and modernizing infrastructure. The country is establishing partnerships with leading foreign companies to jointly develop and exploit deposits, as well as develop new projects for the production, transportation, and processing of natural gas. The International Forum in Paris serves as a platform to attract foreign direct investment and promote sustainable energy development in Turkmenistan.

The forum will also consider solutions to reduce methane and associated gas emissions during hydrocarbon field development, with the participation of experts from Turkmenistan, the UN, OPEC, the International Energy Agency, and international companies. Babayev expressed openness to mutually beneficial cooperation with all interested parties and confidence that the current forum will become an effective platform for further development of cooperation between national oil and gas companies of Turkmenistan and international investors.

Key Takeaways

• Turkmenistan hosts TEIF 2024 in Paris to attract investment in the energy sector.
• Turkmen delegation led by Deputy PM Batyr Amanov aims to discuss energy cooperation.
• Turkmengaz plans to develop Galkynysh, the world's largest gas field, with foreign investors.
• Turkmenistan seeks partnerships to develop, transport, and process natural gas.
• Forum to discuss reducing methane emissions during hydrocarbon field development.