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Turkmenistan sees growth in production of oil and gas products

19 August 2014 10:36 (UTC+04:00)
Turkmenistan sees growth in production of oil and gas products

By Aynur Jafarova

Turkmenistan has observed growth in production of oil and gas products in January-July 2014.

The country increased production of petrol by 2 percent, diesel fuel by 1 percent, polypropylene - 5.5 percent, technical lubricants - 12.7 percent, liquefied gas - 5.2 percent in the reported period, Petroleum and Mineral Resources Ministry said.

The processing of crude oil increased at the Turkmenbashi complex of oil refineries, while the volumes of waste products, in particular, fuel oil saw a 4 percent decrease.

After the modernization of a bitumen production facility, its production has increased by 32.4 percent compared to the same period of last year.

Turkmenistan is one of the key players in the energy market of the resource-rich Caspian region. The Central Asian state has the world's fourth largest natural gas reserves after Russia, Iran, and Qatar, and produces about 70-80 billion cubic meters of gas a year.

Turkmenistan intends to increase the production volume and export of natural gas, and diversify the routes of supply to major world markets as part of its energy strategy.

Under a program for oil and gas development, the country's annual natural gas production is planned to reach 250 billion cubic meters by 2030, mostly for export purposes.

Currently, domestic products, exported to more than 40 world countries, including Turkey, China, Russia, UAE, Iran, Germany, U.S., UK, Ukraine, Switzerland are sold on the exchange.

Turkmenistan produces about 10 million tons of oil annually, a significant part of which is processed in local refineries.

The country plans to bring the oil refining industry capacity to 15 million tons of oil per year in 2015, up to 20 million tons in 2020, up to 22 million tons in 2025, and up to 30 million tons in 2030.

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