Turkmenistan Economic News

Russian company plans exploratory drilling in Turkmen sector of Caspian Sea
The Russian oil and gas company ITERA plans to drill the first exploration well at Block 21 in the Caspian shelf of Turkmenistan in 2013, according to Russian media which quoted the general director of ITERA, Vladimir Makeev. "We are currently determining the point of drilling and plan to start this year," Makeev told Prime information agency. Makeev said the company is negotiating the use of the platform, but did not specify with whom. He added that ITERA preliminarily assesses the resources of Block 21 to be at 700 billion cubic meters of gas. Earlier, recoverable reserves of this block were estimated at 219 million tons of oil and 92 billion cubic meters of gas, while the free-gas resources were valued at 100 billion cubic meters.
Source: trend.az  

Turkmenbashi Airport Income Increases Due to Transit Fuelling
The number of foreign aircraft landing for technical reasons at the international airport of Turkmenbashi almost doubled during the last year, the government newspaper, Neutral Turkmenistan reported. According to a decision of the President of Turkmenistan, over a year ago, world airlines were offered discount prices for refueling. “Thanks to this far-sighted policy, currency revenue from the service of transit flights increased by 6.5 times,” the article says.
Source: trend.az 

South Korean Consortium Modernizes Oil Refinery in Turkmenistan
Work is underway at the Turkmenbashi city oil refinery, the largest industrial enterprise in the country, to clear and plan four sectors for the construction of vacuum distillation of masut, alkylation of light olefins, gasoline blending and isomerization of light gasoline, the Ministry of Petroleum and Mineral Resources said. The Consortium of South Korean companies LG International and Hyundai Engineering Ltd have designed the project and are implementing it.
Source: trend.az  

Turkmenistan auctions about 180,000 tons of oil products
Turkmenistan auctioned about 180,000 tons of finished commodities from Turkmenbashi refinery, Saydi refinery, and Nayip gas-processing factory. Companies from the UK, Turkey, and Afghanistan purchased the auctioned products. Last week the Turkmen stock-exchange registered 26 deals for a total amount of 32 million USD.
Source: trend.az