Cooperation in oil and gas industry of our country was one of the main subjects of Turkmen – Singapore business forum. It was mentioned that President Gurbanguly Berdimuhamedov initiated number of major projects in this sphere, most of which are important not only of for further reveal of economic potential of this sector of Turkmen economy but also play big role in strengthening of global energy security.
Using slide show, achievements of oil and gas complex of Turkmenistan, its structure, main divisions and facilities, which develops hydrocarbon deposits, produce, process and transport oil and natural gas, sale gas and its production both in local and foreign markets, have been demonstrated to the hosts of the forum.
Development of oil and gas reserves of Turkmen part of Caspian Sea is one of priority directions of investments to oil and gas industry. Based on the Production Sharing Agreement with foreign companies, four such project in Caspian offshore and three onshore projects are implemented in our country.
Status of Turkmenistan as one of the leading energy power in the world was proven by the estimation of reserves and resources of natural gas at Galkynysh deposit, which is the second biggest in the word. It has also been proven by independent British company Gaffney, Cline & Associates. After discovery of super giant Galkynysh deposit and number of other big gas fields, Turkmenistan is confidently on the fourth place by proven gas reserves among oil and gas countries.
This is Galkynysh, which will serve as the main source of supply for future export pipelines. As for today, industrial facilities with production output of 30 billion cubic meters of sale gas per year have been put into operation in this place.
Singapore businessmen have also appreciated innovative character of big investment projects, which was accomplished recently in Turkmenistan. It includes the construction of Kiyanly Polymeric Plant, which was put into operation in October, 2018. It was built by the consortium of the companies from the Republic of Korea - LG International Corporation and Hyundai Engineering and Japanese Toyo Engineering Corporation. Total cost of the project is 3,423,000,000 US dollars. Production output of the facility is 386,000 tons of polyethylene and 81,000 tons of polypropylene per year.
Unique Gas-to gasoline, the GTG, which was applied in petrochemical complex in Ahal Velayat that was put into operation in June 2019, raised keen interest. Built by Japanese Kawasaki Heavy Industries and Turkish Rönesans Endüstri Tesisleri, it is designated for production of 600,000 tons of EURO-5 synthetic eco-friendly gasoline per year.
Regarding perspective plans of Turkmen fuel and energy complex, first, the project of transnational Turkmenistan – Afghanistan – Pakistan – India (TAPI) gas line, which total length in 1,840 km with throughput capacity of 33 billion cubic meter per year, has been presented to Singapore audience. It will provide such big dynamically developing economies like Indian and Pakistani with fuel. In future, it will give an opportunity to enter other growing markets is Asian Pacific region.
At present time, Turkmenistan actively works on new directions in petrochemical industry, which will allow the country taking deserving place in the market of petrochemical production with high added value. These are plastic, synthetic fibre, oversized organic products, synthetic washing liquids, surfactants and other.
It was informed that it is planned to start several projects for opening of petrochemical complexes – two in Kiyaanly, Balkan Velayat and one in Yilanly, Dashoguz Velayat and one in Seydi, Lebap Velayat, soon.
Regarding future cooperation with Singapore, service contracts on the projects in mining, construction, oil, gas and chemical industry as well as opening of joint service companies for service and repair of gas turbines, compressor and pump equipment are signed.
Companies from Singapore have also been invited to participate in construction of transnational TAPI gas line and other fuel and energy complex projects. In this regard, the management of these companies has been familiarized with Turkmen legislation in this sphere, which guarantees reliable legal protection of investors and their capital.
Investment policy of Turkmenistan, which is oriented by President Gurbanguly Berdimuhamedov to provision of high rates and efficiency of the economy, was a separate theme of business forum.
The State Bank of Foreign Economic Affairs of Turkmenistan, which is the biggest bank in terms of assets and clear profit in 2018, plays big role in realization of investment policy and attraction of foreign capital to the economy of the country.
Investors from Singapore was informed that structure of credit portfolio of the Bank look like following – oil and gas industry – 61 percent, chemical industry – 24 percent, agriculture – 7 percent, transport and telecommunication sector – 5 percent, other section of the economy – 3 percent together.
Biggest part of the investments in total volume of foreign capitals sent to implementation of important projects in Turkmenistan belong to Japan – 57 percent. The Republic of Korea is on the second place with 31 percent. It is followed by Germany, China and USA.
It is important to note that the Bank has signed five agreements with foreign financial organizations to total amount of 575 million US dollars during first Caspian Economic Forum, which was held in Avaza on August 11 – 12, 2019. This money will be send to financing of the projects of small and medium enterprises of private section of the economy of Turkmenistan.
The Bank plans to develop cooperation with financial institutes of Singapore in such directions as correspondent relations, trade financing and documentary business, project financing and investments. There is also an interest in training and seminars in banking and finance sphere.
Special attention will be paid to joint financing of the projects implemented in priority sections of Turkmenistan economy with participation of companies from Singapore. Projects in oil and gas, petrochemical, chemical industries, projects of development of transport and telecommunication infrastructure seem to be the most promising.
Executive Director of DBS Bank Ltd Sarah Chompaisal spoke of the vision of investment and financial cooperation by Singapore side at business forum. She has also presented the mission of the Bank, which is the biggest one in Southeast Asia by assets. It was awarded with the Best Bank of the World title in 2019 by Euromoney version for implementation of digital technologies. It was also awarded with titles of the Global Bank of the Year from the Banker and the Best World bank from Global Finance in 2018.
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