President of Turkmenistan Gurbanguly Berdimuhamadov signed a decree, according to which it is planned to form a closed joint stock company “Türkmen Milli nebitgaz kompaniýasy” (“Turkmen National Oil and Gas Company” – NAPECCO “).
According to the document, this decision serves the purpose of successful implementation of the task of finding, mining and processing of hydrocarbon resources of Turkmenistan, as well as the implementation of processing of their products on the domestic and foreign markets, in accordance with the Development Program of of the oil and gas industry of Turkmenistan for the period until 2030.
The shareholders of the new company are: State Agency for Management and Use of Hydrocarbon Resources under the President of Turkmenistan – the share in the authorized capital in the amount of 90 percent, “Turkmengas” State Concern – in the amount of two percent, “Turkmennebit” (Turkmenoil) State Concern – in the amount of two percent, the Turkmenbashi complex of oil refineries – with a share of authorized capital in the amount of five percent.
Ministry of Economy and Development of Turkmenistan was instructed to ensure the state registration of Closed Joint Stock Company “Türkmen Milli nebitgaz kompaniýasy” according to established procedure.
Main areas of NAPECCO’s activity – conducting of exploration and drilling operations, production of oil and gas, realization of international projects in the energy sector.
