New Turkmenistan laws support foreign investment

Turkmen officials have given renewed assurances to potential foreign investors in the country's oil and gas industry.

Eric Watkins
Senior Correspondent

LOS ANGELES, Nov. 15 -- Turkmen officials have given renewed assurances to potential foreign investors in the country's oil and gas industry.

"Turkmenistan guarantees to foreign investors a favorable law regime in projects of developing the oil and gas sector," said Deputy Minister of Oil and Gas Industry and Mineral Resources Baimurad Khodzhamukhamedov at an industry conference in Ashgabat.

"Turkmenistan's oil ands gas complex brings 75% of the country's currency proceeds," said Khodzhamukhamedov. "For this reason we are building a strategy for attracting investment by foreign companies."

He spoke at an international conference called "Oil and Gas of Turkmenistan-2007: Oil and Gas Potential and its Future in International Cooperation," which opened in Ashgabat Nov. 14.

Contact Eric Watkins at hippalus@yahoo.com.

More in Exploration & Development