Turkmenia sets up body for development of Turkmen Caspian sector

Aug 13, 1999 02:00 AM

Turkmen President Saparmurat Niyazov decreed to set up the "National service for the development of the Turkmen sector of the Caspian sea" where potential oil reserves are estimated at 17 bn tons of conditional fuel.
Niyazov told a government meeting that "the body is from now on responsible for designing and implementing state programmes for the development of resources in the Turkmen sector of the Caspian sea".
"Turkmenistan has considerable advantages in research and prospecting as it possesses 62 % of the southern shelf of the Caspian sea where most oil accumulations are located", Niyazov said.
The service is to be headed by the president and will issue licenses for the development of all types of resources in the area, including fishing, for navigation, for the construction and operation of industrial objects there. It will have a Supreme Council and an executive board.

Source: Itar-Tass via Newspage
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