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Turkmenistan to increase oil exploitation in Caspian Sea ten-fold

Turkmenistan's President Spar Murat Niyazov said in Ashkhabad on Wednesday that his country plans to increase its oil exploitation in the Caspian Sea ten-fold in three years' time, IRNA reported.

Speaking with a Japanese delegation that have travelled to Ashkhabad to attend the Japan-Turkmenistan Economic Cooperation Committee, President Niyazov said, "Presently, relying on the cooperation of Malaysian, Unite Arab Emirates', and German oil companies, Turkmenistan is exploiting one million tons of oil from its own territory of the Caspian Sea."

The Turkmen mass media also quoted Niyazov as saying that besides three Russian oil companies, with which Turkmenistan is signing cooperation contracts, there are Iranian firms with which his country plans to cooperate in exploitation of its hydrocarbon resorts in the caspian Sea.

Niyazov said that his country's oil reserves in the Caspian Sea is 12 billion tons, adding that his country is in need of the technical assistance of the foreign firms to make optimum use of them.

Referring to the immense land and sea oil resorts of his country, the Turkmen president said, "Turkmenistan is planning to be exploiting between 55 to 60 million tons of gas a year by 2010, while the natural gas exports of his country is expected to be 110 billion cubic meters by then.

He said that presently Turkmenistan is producing one million tons of liquefied gas annually, which is scheduled to increase to five to six million tons during the next three years.

... Payvand News - 4/24/03 ... --

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