Turkmen president abolishes state agency
Turkmen President Gurbanguly Berdimuhamedov has signed a decree on abolishing the State Agency on Management and Use of Hydrocarbon Resources.
Under the decree, the state agency’s assignees are Turkmengaz, Turkmennebit (Turkmenoil) state concerns.
The Turkmengaz State Concern will become an assignee according to the production sharing treaty (PSA) on the Bagtyyarlyk contract area signed with China National Petroleum Corporation (CNPC) and PSA on Block 1 contractual territory, signed with Petronas Company (Malaysia), according to the decree.
The funds from the foreign currency account of the state agency will be transferred to Turkmengaz’s special account in the central bank.
The state concerns together with the Turkmen Ministry of Justice within a month should prepare proposals to amend the laws of the country and submit for consideration to the country’s Cabinet of Ministers.
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