Azernews.Az

Turkmen President Gurbanguly Berdimuhamedov has met Deutsche Bank AG representatives Juergen Fitschen and Peter Tils, the Turkmen government said on Thursday.

According to the information, a 'substantive conversation' was held. The German bankers confirmed the desire of Germany's leading bank to enhance and strengthen the fruitful cooperation with Turkmenistan. They exchanged views on the prospects of cooperation.

President Berdimuhamedov emphasised that Turkmenistan aims at further intensification of mutually beneficial relations with German partners, including Deutsche Bank AG.

'The president stressed that the on-going large scale programs in Turkmenistan and large investment projects open up the most favorable opportunities to intensify the fruitful contacts meeting with common interest', the information said.

Deutsche Bank AG representatives highlighted the comprehensive measures for the modernisation of the financial and banking system in Turkmenistan.

'In this regard, the exceptional potential of the Turkmen market was stressed. The best conditions were created for business cooperation, including a favorable investment climate', a statement said.

These factors stipulate the aspiration of business circles of Germany and Europe as a whole to expand relations with Turkmenistan.

While implementing large projects in Turkmenistan, the German companies as a rule, used the loans of leading German banks. In particular, such projects as the construction of plants for the production of lubricating oils and paraffin and the construction of a gas compressor station in Korpeje.

Such companies involved are: Mannesman, Claas and MAN, Bosch, Bentek, Siemens, Unionmatex GmbH and others. To this list could be included Thyssen Krupp, Airbus, Cifal, Knauf, Goetzpartners, Inhar, Textina, Bauer Comp Holding AG, Lemken GmbH, which also showed their interest in the Turkmen market.

In April 2009, the Turkmen government signed a memorandum with one of the leading traders of natural gas on the EU market - RWE AG, which conducted exploration in the Turkmen sector of the Caspian Sea and is a shareholder of the Nabucco pipeline project.

Turkmen hydrocarbon resources can be connected to the transnational communication via the Caspian Sea thanks to the construction of a small branch (about 300 kilometres) through the sea to the Azerbaijani coast.

Europe hopes to diversify sources of gas consumption by using the Caspian resources, most of which are ensured by Russia.