Lukoil, Turkmenistan talk of joint effort in Caspian Sea

Turkmenistan President Gurbanguly Berdimuhammedov and head of Russian oil and gas company Lukoil Vagit Alekperov discussed the possibility of implementing joint projects to develop hydrocarbon resources in Turkmenistan.

A government release Feb. 6 said the parties discussed key aspects of Turkmenistan's energy strategy, such as diversification of energy supplies to world markets, capacity building in the mining and processing segment, development of the gas and petrochemical industry, and production of high-tech products.

At the meeting, held in Ashgabat, the parties also discussed possible joint activities in the Turkmen sector of the Caspian Sea. According to the release, Lukoil’s Alekperov noted the favorable investment climate and legal framework “make it possible to invest effectively in the development of oil and gas fields and the construction of infrastructure.” In turn, the President of Turkmenistan advised the parties could work out existing proposals together with the State concerns Türkmennebit and Türkmengaz and submit them for consideration.