Berdimuhamedov ordered to lend to fuel and energy companies to increase gas production

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President of Turkmenistan Gurbanguly Berdimuhamedov ordered the Central Bank of the country to provide loans to fuel and energy enterprises in the total amount of 234.5 million manats ($67 million at the official rate) to increase natural gas production.

The corresponding document was published on Thursday in the Neutral Turkmenistan newspaper.

The head of state signed this resolution on Wednesday during a working meeting with the leaders of the financial, economic and oil and gas complexes, at which the tasks of economic development in 2022 were discussed.

Deputy Prime Minister Serdar Berdimuhamedov, who is in charge of the financial sector, at the meeting presented a draft resolution on providing financial support to the Turkmengaz concern and the Turkmengeologia state corporation for the further development of the oil and gas industry for consideration by the head of state.

Taking into account the importance of the oil and gas complex for the country’s economy and for the further development of the industry, the president decided on the need to provide funds to Turkmengaz in the amount of 159 million 530.9 thousand manats ($45.580 million), and “Turkmengeology” – 75 million manats ($21 million). 428.5 thousand).

According to the resolution, the Central Bank will allocate funds to the joint-stock commercial bank “Turkmenbashi” for lending to “Turkmengas” and “Turkmengeology” in order to finance the work provided for increasing natural gas production through the exploration and development of oil and gas fields. 

Caspian Barrel