• 18 hours Saudi Fund Buys Stake in Hollywood Talent Agency
  • 23 hours Putin Is A New Russian Stalin - Victory For The Next 6 Years
  • 15 hours Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 18 hours G20 Rejects Calls for Cryptocurrency Regulation
  • 10 hours Self-Driving Cars' First Fatality
  • 15 hours Trump Bans Venezuelan National Cryptocurrency
  • 4 days Is $71 As Good As It Gets For Oil Bulls This Year?
  • 26 mins Flying Taxis In New Zealand - Very Soon?!
  • 19 hours Africa Is The New Land Of Opportunity For Investors
  • 18 hours Volkswagen To Announce $340 Million Tennessee Investment To Build New SUV For U.S. Market
  • 59 mins Why do Driller stocks move with the daily price of oil?
  • 22 hours Miners against Government: Largest Miners In Congo Quit Chamber Of Commerce Amid Growing Tax Dispute
  • 4 days HAPPY RIG COUNT DAY!!
  • 15 hours Is Trump Harming Oil Industry?
  • 4 days Russian hackers targeted American energy grid
  • 15 hours Tillerson just sacked ... how will market react?
The Oil Giant That Investors Ignore

The Oil Giant That Investors Ignore

Despite its past troubles, the…

The Oil Canal That May Never Be

The Oil Canal That May Never Be

Thailand’s Kra canal project could…

Turkmenistan To Spend $93-Billion On Oil And Gas Sector


Turkmen President Gurbanguly Berdymukhammedov has vowed to spend tens of billions of dollars to prop up the country’s oil-and-gas sector, which has been hurt by low global prices and falling demand from Russia.

"In the next seven years, we will make investments of 240 billion manats. In the oil-and-gas complex, we will invest 159 billion manats," Berdymukhamedov said.

He was speaking on October 9 at a meeting of the Council of Elders, an unelected body that offers no real check on the powers of the authoritarian Turkmen leader.

Sitting on the world’s fourth-largest gas reserves, Turkmenistan has become dependent on energy sales to China after Russian halted purchases of Turkmen gas in 2016.

Berdymukhammedov also promised that Turkmenistan would soon start producing electric cars in a bid to diversify the country's heavily hydrocarbon-dependant economy.

Berdymukhammedov said he would boost government revenues by cutting state subsidies that had been introduced by his predecessor, Saparmurat Niyazov.

Berdymukhammedov said "the time has come to save and use state funds effectively."

The subsidies introduced in the 1990s effectively granted citizens of the repressive ex-Soviet republic free gas, water, and electricity.


More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News