Turkmenistan Business & Economy - The Times Of Central Asia

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Turkmenistan and UAE to Expand Oil and Gas Cooperation

On January 4th and 5th, the National Leader of the Turkmen people, Chairman of the Halk Maslahaty (People’s Council) of Turkmenistan, Gurbanguly Berdimuhamedov made a working visit to the United Arab Emirates. On the 4th in Abu Dhabi, Berdimuhamedov had a meeting with the President of the UAE, Sheikh Mohamed bin Zayed Al Nahyan, during which they discussed the intensification of bilateral cooperation in a number of promising areas, the Turkmen Foreign Ministry stated. On the second day of the visit, in Dubai, the Berdimuhamedov held a meeting with the Chairman of the Board of Directors of Dragon Oil, Saeed Al Tayer, during which they discussed the possibility of expanding bilateral cooperation, taking into account the accumulated experience of prior joint work and Turkmenistan’s plans for the further development of its fuel and energy sector. Berdimuhamedov emphasized that the energy policy pursued by Turkmenistan aims at increasing the volume of production and refining of oil and natural gas, as well as exporting more energy resources and finished oil and gas chemical products. For that purpose, Turkmenistan is engaged in the construction of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline, designed to give impetus to the socio-economic development of the entire region. The third stage in the development of Turkmenistan’s giant Galkynyş gas field is expected to become the source for ensuring the supply of natural gas through this pipeline. Berdimuhamedov invited partners and investors from the UAE to participate in the implementation of new energy projects for the construction of gas pipeline infrastructure intended for the export of Turkmenistan’s natural gas. During the visit, a Memorandum of Understanding was signed between the State Concern Türkmengaz and the Abu Dhabi National Oil Company (ADNOC), stating the intention of the parties to attract strategic partners for the development of the third stage of the Galkynyş field and their possible participation in the implementation of energy projects related to the construction of gas pipeline infrastructure.

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Turkmenistan and EU Discuss Energy, Transport and Environmental Issues

On December 19th, Brussels hosted the 22nd joint committee meeting between Turkmenistan and the European Union. The Turkmenistan delegation, led by the minister of finance and economy, included a deputy minister of education, along with representatives from State Concerns such as Turkmengas and Turkmenhowayollary (Turkmenistan Airlines). The EU delegation was represented by the deputy managing director for Eastern Europe and Central Asia of the European External Action Service (EEAS) and delegates from various European Commission directorates overseeing international partnerships, trade, energy, transport, climate change, environment, research, and innovation. Discussions revolved around Turkmenistan's macroeconomic status and its efforts toward global economic integration, notably focusing on its ambition for World Trade Organization (WTO) membership. The agenda encompassed energy and environmental concerns, including strategies for gas exports, initiatives targeting methane emission reduction, and the advancement of renewable energy sources, such as hydrogen. Both parties engaged in dialogue concerning collaboration in transport, education, youth policy, as well as research and innovation.

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Turkmenistan – EU: Transport and Energy on Agenda of Upcoming Forums

The fifteenth meeting in the format of the Turkmenistan-European Union Human Rights Dialogue will be held in Brussels on December 18th, followed by the 22nd meeting of the Turkmenistan-EU joint committee on the 19th, during which key aspects of bilateral relations, including trade and the economy will be discussed. The Turkmen delegation will also take part in the Transport Investment Forum, which is scheduled for January 29-30, 2024 in Brussels. The forum, organized by the European Commission, will bring together representatives of the public and private sector, and investors interested in improving sustainable transport links between the two regions. The event will be a follow-up to an earlier EC study on sustainable transport links between Europe and Central Asia, which was implemented by the European Bank for Reconstruction and Development and published on June 30th 2023. As a continuation of this dialogue, it is planned that a meeting of experts in the field of transport from government agencies and private transport and logistics companies be organized in the second quarter of next year. The proposal to hold this symposium in Ashgabat was announced at the 19th meeting of the Ministers of Foreign Affairs of the Central Asian countries and the European Union in Luxembourg on October 23rd in a joint communique. Reporting on these activities in a government meeting on Friday, the Deputy Prime Minister and Minister of Foreign Affairs of Turkmenistan submitted for consideration to President Serdar Berdimuhamedov a proposal to organize a meeting with relevant EU structures in the first quarter of 2024 in order to discuss partnership opportunities and exchange experience in the field of energy. It is also planned to hold the next meeting of the foreign ministers of the Central Asian countries and the European Union in Turkmenistan in 2024.

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Ashgabat Hosts Turkmen-Turkish Business Forum

On December 6th, a Turkmen-Turkish business forum was held in Ashgabat, which was attended by heads and representatives of government and business structures of Turkmenistan and Turkey. The forum participants noted the progressive development of bilateral relations, which in recent years have received new qualitative content and powerful dynamics. At the same time, it was emphasized that business meetings between Turkmen-Turkish partners are an effective mechanism for promoting economic cooperation. In their speeches, the heads of Turkish companies drew attention to the development of the historical Great Silk Road with an extensive railway network, road transport lines, and energy corridors. The Turkmen side told its Turkish partners that a good incentive for fruitful collaboration is the comprehensive reform ongoing in the country, including in the legislative sphere, and the development of new laws that provide significant benefits and government guarantees for the work of foreign business partners. On the sidelines of the business forum, documents were signed between Turkmen and Turkish companies.

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Turkmenistan-Iraq Natural Gas Deal: A Complex Balancing Act

The recent natural gas deal between Turkmenistan and Iraq has sparked both excitement and concern in the energy world. On November 8, representatives from the State Concern Türkmengaz met with a delegation from Iraq, led by the Minister of Electricity Ziad Ali Fadel, to discuss the export of natural gas from Turkmenistan to Iraq. As with any major energy agreement, this deal carries significant implications for both countries and the region as a whole. This opinion piece explores the positive aspects, potential challenges, and wider implications of the Turkmenistan-Iraq natural gas deal. The Turkmenistan-Iraq natural gas deal presents several positive aspects for both countries. Economically, the agreement opens up new opportunities for trade and investment, providing a boost to the economies of both nations. Additionally, it strengthens diplomatic relations between Turkmenistan and Iraq, fostering closer ties and collaboration in other areas. Moreover, the deal has the potential to enhance energy security in Iraq, diversifying its energy sources and reducing dependence on a single supplier. For Turkmenistan, this agreement represents an opportunity to tap into new markets and expand its natural gas exports. While the deal offers numerous benefits, it also comes with potential challenges and drawbacks. From Iraq's perspective, one concern is the possibility that it becomes overly dependent on Turkmenistan for its energy needs. This could create vulnerabilities and limit Iraq's flexibility in the energy market. Disputes over pricing and payment terms may also arise as aligning the expectations of both parties can be a complex process. Additionally, the agreement may face infrastructure and logistical challenges, such as ensuring efficient transportation and distribution of the natural gas. The influence of regional politics on the deal is another factor to consider, as geopolitical dynamics may impact its implementation. The Turkmenistan-Iraq natural gas agreement has the potential to significantly impact the regional energy market. It may alter the dynamics of gas supply and demand in the region, affecting other players and stakeholders. The agreement could prompt neighboring countries to evaluate their own energy strategies and explore new partnerships. Additionally, the deal could contribute to greater energy cooperation and integration in the region, paving the way for future collaborations and joint projects. As we consider the implications of this gas deal, it is crucial to examine its environmental impact and public opinion. The environmental consequences of increased natural gas extraction and consumption should be carefully assessed to ensure sustainable practices. Additionally, public opinion in both countries will play a significant role in shaping the perceptions and outcomes of the deal. Public engagement and transparency are vital to ensure that the interests and concerns of the citizens are taken into account. The Turkmenistan-Iraq natural gas deal represents a complex balancing act. It ultimately offers economic benefits, strengthens diplomatic relations, and enhances energy security while also raising concerns about energy dependency, pricing disputes, and logistical hurdles. The agreement will have implications for the regional energy market, influencing the strategies of neighboring countries and reshaping energy dynamics. As the process unfolds, it is crucial to...

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Turkmen-U.S. Business Forum Held in Ashgabat

On December 5th, the tenth Turkmen-American business forum was held in Ashgabat, which was attended by the heads and representatives of relevant government and business structures of Turkmenistan and the United States, Turkmenistan’s Government website stated. According to the post, the forum demonstrated the focus of Turkmenistan and the United States on the further progressive development of mutually beneficial cooperation which meets common interests, the Turkmen Foreign Ministry said. The US delegation, headed by Executive Director of the Turkmenistan-US Business Council, Eric Stewart, included executives and representatives of well-known companies, including Case New Holland Industrial, Climate Compass LLC, Honeywell, John Deere, Palo Alto Networks, Visa, and Westport Trading Europe Ltd. The participants noted that the foreign policy course implemented by Turkmenistan under the leadership of President Serdar Berdimuhamedov, based on the principles of positive neutrality, increases the attractiveness of the Turkmen market for foreign investors. The priority areas of the Turkmen-US partnership include the energy sector, transport and communications, the agro-industrial sector, high technology, and the investment sector. At the same time, approaches to realizing the potential of trade and economic partnership were reviewed and identified, and plans for joint work in key areas were outlined. Special emphasis was placed on intensifying business ties. One of the results of the forum was the signing of a Memorandum of Understanding between Case New Holland Industrial and Turkmen entrepreneurs.