International Forum to Attract Foreign Investments in Turkmenistan’s Energy Sector
Paris is to host the next Turkmen Energy Investment Forum (TEIF) on 24-25 April 2024. The Forum's principal organisers are the State Concerns "Turkmengas" and "Turkmennebit", and the State Corporation “Turkmengeology” in partnership with Turkmen Forum and UK-based GaffneyCline.
The purpose of this event hosted in the world’s leading capital is to expand the opportunities for attracting foreign direct investment in all aspects of Turkmenistan's energy, transport & communication, construction, and financial sectors and to strengthen the dialogue on further sustainable development of the energy sector. TEIF 2024 will bring together leading national and international energy companies and experts who shape the oil and gas industry's future in Turkmenistan and the wider region.
As the world embarks on a massive energy transition, so is Turkmenistan changing. The country has so much to offer, from hosting one of the world’s largest onshore gas field - Galkynysh - to world-class natural conditions for developing solar and wind power. The opportunities our resources and conditions offer will be the prime focus of the forthcoming TEIF 2024 in Paris, where the leading national energy companies will actively seek foreign direct investment in abundant resources and address the upstream, midstream, and downstream opportunities in Turkmenistan’s rapidly developing energy sector.
The Esteemed President of Turkmenistan Serdar Berdimuhamedov, speaking at the COP28 climate summit in Dubai, announced Turkmenistan’s accession to the Global Methane Pledge and further continuation of ongoing cooperation with international organizations and partner states within the framework of existing projects and programmes aimed at the practical implementation of the conditions arising from the Global Methane Pledge. The discussion of major issues related to reducing methane emissions will be reinforced by a separate session at the TEIF 2024 in Paris.
Turkmenistan is a major player in the Asian oil & gas market. The country’s hydrocarbon resources are estimated at over 71 billion tons of oil equivalent, that is over 20 billion tons of oil and over 50 trillion cubic meters of natural gas. Given these figures, as of today, Turkmenistan holds the world’s fourth-largest proven natural gas reserves after Russia, Iran, and Qatar. Currently, Turkmenistan’s largest customer is the People’s Republic of China. Turkmenistan supplies over 30 BCMA of natural gas to China through the three lines (A, B, and C) of the Central Asia Gas Pipeline system, and upon completion of the fourth D line, the annual Turkmen natural gas supply will reach a contractual 65 billion BCMA. Turkmenistan also supplies gas to Azerbaijan, Iran, and Russia.
Turkmenistan and its partners in the Turkmenistan-Afghanistan-Pakistan-India (TAPI) Gas Pipeline Project remain committed to the implementation of this project of regional importance. The 1,853-km pipeline will deliver up to 33 BCMA of natural gas from the giant Galkynysh gas field in Turkmenistan to three off-take points in Afghanistan, three offtake points in Pakistan, and a final off-take point at the Pakistan-India border to supply the Indian market. Turkmenistan is actively developing its renewable energy sector. An example of this is the construction of a 10-megawatt hybrid solar-wind power plant near Altyn Asyr Lake in 2023, financed by the Abu Dhabi Development Fund.
The leading international oil companies, including CNPC, Dragon Oil, Petronas, Mitro, and ENI, are producing oil and gas from contractual offshore and onshore territories in the Balkan and Lebap regions. The focus of this year’s conference will be the attraction of investment to offshore Blocks No. 21 and 23, West Cheleken, optimization of production from mature fields, and next-phase developments of the supergiant Galkynysh field, which holds the world’s second-largest gas reserves.
In parallel with the export of natural gas by pipeline, Turkmenistan is currently focusing on the deep processing of hydrocarbons, which may become dominant in the country’s economy in the long term. In recent years, several gas chemical complexes have been commissioned, and several more are planned to be built to manufacture high-added value goods with high demand in global markets. Other strategic projects implemented in phases by the oil and gas complex of Turkmenistan include the project for the reconstruction of the Turkmenbashy and the Seyidi oil refineries.
Currently, the UK-based GaffneyCline is working to support SC “Turkmennebit” in preparing investment packages for the offshore blocks in the Turkmen sector of the Caspian Sea. TEIF 2024 agenda will include sessions on “Turkmenistan’s role in the future of global energy”; “New investment opportunities in the Turkmen energy sector: oil and petrochemicals”; “Reduction of methane and CO2 emissions in hydrocarbon production and alternative energy sources”, “Accelerating the drive to attract investment in infrastructure projects of Turkmenistan with a focus on construction, transport, IT, and telecommunications”; “New investment opportunities in the Turkmen energy sector: Natural gas and gas chemistry”.
A key aspect of creating a solid legal framework in Turkmenistan is the adoption of the law of Turkmenistan «On Hydrocarbon Resources», «On Currency Regulation», «On Foreign Investments», and «On Investment Activities», which are aimed at creating a favorable investment climate in the country to attract long-term foreign investments and a state guarantee for reliable legal protection of investments and their return. Among the main factors of Turkmenistan’s growing attractiveness for foreign investors is the country's stable economic and political situation, as well as the legislative framework and state guarantees.
After the successful Dubai Investment Forum, which resulted in recent signings of important MoUs to attract UAE’s investments in Turkmenistan’s energy sector, we are confident that TEIF 2024 in Paris will pave the way for attracting European and US investments. We are confident that participation and business meetings with the senior management of the energy, finance, construction, transport & communication sectors of Turkmenistan will increase awareness and provide potential investors with the most complete information about new investment projects in the energy sector of Turkmenistan.
For those who cannot join us in person, we will livestream the Forum through the Zoom platform. Meetings on the sidelines of the Forum with the senior management of the Turkmen oil and gas, energy, finance, transport & communication, and construction sectors will also be available in both in-person and online formats.