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Monday, 22 August 2005
Turkmenistan Introduces Structural Changes in Oil and Gas Sector
Topic: Economy & business
Ashgabat, 23 August 2005 (nCa) --- President Niyazov introduced Monday a number of organizational changes to streamline the oil and gas sector of Turkmenistan.

The law of Turkmenistan “About Hydrocarbon Resources” has been amended to give direct contractual powers to the ministry of oil and gas industry and mineral resources of Turkmenistan. The words “competent authority” have been replaced by “ministry of oil and gas industry and mineral resources of Turkmenistan” in the entire text of the law.

Ministry of oil and gas would now exercise direct supervision over the three main wings of oil and gas complex.

“Minister of oil and gas should have three deputies – head of Turkmenneftgaz corporation, head of state concern Turkmenneft and head of the state concern Turkmengaz,” said President Niyazov during a meeting of cabinet of ministers Monday.

“Every month you should report on the progress on foreign agreements and you must also report monthly the production of oil and gas,” said Niyazov.

It appears that Turkmengeologia would be merged with the exploration department.

Niyazov tasked the heads of oil and gas complex to create a common council on oil and gas exploration. He also demanded better exploration activity.

“You have to discover new oil and gas fields; more new deposits than we already have,” he said.

Speaking of the need for transparency, Niyazov said that suuitable organizational and administrative conditions should be created to avoid any abuse, including in the sphere of interstate cooperation.

Posted by countryturkmenistan at 11:01 PM

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