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Petronas investing USD 8bn in Turkmenistan operations

11th June 2014

The statements were made by prime minister Datuk Seri Najib Tun Razak to the Malaysian media at the Ashgabat International Airport yesterday

Petronas investing USD 8bn in Turkmenistan operations
Petronas has reportedly signed a memorandum of understanding on long-term cooperation between it and Turkmenistan

Nahib confirmed that Petronas is making moves to take advantage of Turkmenistan’s huge oil and gas potential.

"Petronas plans to increase its gas and petrochemical flow in this exploration area. With this, the output in the production sharing contract area can be further enhanced.”

At present, Petronas is the only Malaysian company to participate in the oil and gas industry in Turkmenistan, through exploration works in the Caspian Sea since 1996.

Petronas entered into the production sharing contract with Turkmenistan, whereby, the Malaysian company undertakes exploration activities, before selling any oil and gas through Turkmen Gas.

According to Najib, the Turkmenistan government considers Petronas a useful partner in oil and gas development.

"That is the reason why he wants Petronas to expand its investment in Turkmenistan while training the country's citizens to gain experience in the oil and gas sector.”

On Tuesday, Petronas reportedly signed a memorandum of understanding on long-term cooperation between it and Turkmenistan's state agency in charge of hydrocarbon exploitation.

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