Azernews.Az

By Aynur Jafarova

Turkmenistan's hydrocarbon subsoil will remain in state property, the Law on denationalization and privatization of state property has said.

President Gurbanguly Berdymukhamedov approved the law on December 27. The Law will take effect from July 1.

"Subsoil, forest fund, water resources, airspace, territorial waters and resources of marine economic zone cannot be the objects of denationalization and privatization of state property," according to the law .

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

Turkmen Ministry of Oil and Gas Industry and Mineral Resources said in November 2013 that the geological exploration work that is being carried out shows the existence of more gas reserves at Galkynysh field.

Turkmenistan's giant Galkynysh field located in Turkmenistan's Mary province is considered the second largest deposit in the world, with reserves of 26.2 trillion cubic meters. Thanks to the opening of Galkynysh gas field the total proven reserves and potential hydrocarbon resources of Turkmenistan have significantly increased.