Turkmenistan invites LUKoil to take part in Caspian oil projects

May 09, 2005 02:00 AM

The president of Turkmenistan, Saparmurat Niyazov, has invited Russia’s largest private oil company LUKoil to develop the Turkmen shelf of the Caspian Sea.
The invitation came on May 8, at a meeting between Niyazov and Vagit Alekperov, the CEO of LUKoil, which took place in Ashgabat.

According to Niyazov, "the rich experience of the well-known company, its reputation as a reliable partner may be the important factor prompting Turkmenistan to choose [LUKoil] as a participant in projects to develop large hydrocarbon deposits, especially on the Caspian Sea shelf, and also to transport fuel from the country".
During the meeting LUKoil’s CEO stressed that Turkmenistan, which has huge oil and gas reserves, is of great interest for business circles in Russia and other countries. Alekperov also said that in the near future LUKoil will submit to Turkmen leadership the program of proposed cooperation in developing oil and gas deposits in the Caspian Sea shelf.

Turkmenistan has been cooperating with Russia’s natural gas monopoly Gazprom, selling it its gas which Gazprom then re-sold at the European markets. Turkmenistan depends on Gazprom for export of its gas because it is landlocked and its only outlet is the Russian monopoly’s pipeline system.
Recently, however, Turkmenistan decided to team up with Ukraine whose new leadership wants to make it into important player on the European energy market. Ukraine and Turkmenistan are currently discussing a project of constructing a new gas pipeline that would bypass Russia.

Source: Mosnews.com
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