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Italian Eni intends to broaden participation in Turkmen market

3 July 2014 12:45 (UTC+04:00)
Italian Eni intends to broaden participation in Turkmen market

By Aynur Jafarova

Turkmenistan and the Italian oil and gas company Eni have discussed ways of expanding cooperation.

The discussion was held between Turkmen President Gurbanguly Berdymukhamedov and Head of the Eni Company Claudio Descalzi.

During the meeting the sides noted that the current business partnership between the Eni and the State Agency for Management and Use of Hydrocarbon Resources under the Turkmen president has contributed to enhancing long-term mutually beneficial cooperation.

Descalzi said Eni was willing to expand the mutually beneficial cooperation with rapidly developing Turkmenistan.

"To this end, the company intends to broaden its participation in the Turkmen market," he said.

Eni has been operating in the Turkmen market since 2008. The company conducts industrial production of oil at the Burun field, which is part of the contractual territory of Nebit Dag (renamed - Balkanabad).

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.

With huge hydrocarbon resources of the world significance, Turkmenistan has successfully implemented the modernization program of its national fuel and energy complex. The program envisages establishment of the developed network for exporting Turkmen energy carriers to the world markets, creating the relevant infrastructure, and increasing the volumes of oil and gas production.

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