Azernews.Az

President of Turkmenistan Gurbanguly Berdimuhammadov received President of the ITERA International Group of Companies, Igor Makarov, the Turkmen government said on Saturday.

During the meeting the sides discussed the situation in the Turkmen sector of the Caspian Sea, as well as exchanged views on the prospects for further development of long-term mutually beneficial partnership.

"The guest informed the Turkmen President on the work conducted recently, the execution of instructions given earlier and the situation in the facilities entrusted to ITERA, in particular in the Turkmen sector of the Caspian Sea," the report says.

The Turkmen leader stressed the country's adherence to the comprehensive expansion and strengthening of mutually beneficial international cooperation.

"In this regard, significant contribution of ITERA in progress of the important projects of the Turkmen-Russian cooperation, which are successfully implemented in various directions, including in the oil and gas sector and construction, was marked," the report says.

ITERA has been operating in the Caspian Sea Block 21 since 2009 based on a production sharing agreement.

Earlier it was reported that in 2013 it is planned to drill the first exploration well in the block. The total project cost is $5-$6 billion, 300 million of which are investments during the exploration phase.