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Monday, 18 July 2005
China Starts Implementing $128.6 mln Railway Transport Contract with Turkmenistan
Topic: Economy & business
17 July 2005. The first 9 railroad soft-seated passenger cars have been sent from China to Turkmenistan, the Ashgabat correspondent of was told in the press service of the Chinese Embassy.

The new-style cars were produced at the Tyanshan locomotive-carriage plant of the Chinese Baiche association. This plant is to meet an order on delivering a total of 54 cars in Turkmenistan by the end of this August.

In all, it is planned that Chinese Capital-Longji Sci-Tech Co. will deliver US $ 128,6 mln worth of locomotives, carriages and equipment in Turkmenistan by December 2005.

85% of the contract’s cost will be financed at the expense of a credit provided by the supplying-company for 8 years at an annual interest rate of 3,6% with the rest 15% coming from the reserves of the State fund for development of transport and communication of Turkmenistan.

Internet newspaper Turkmenistan.Ru

Posted by countryturkmenistan at 11:48 AM
Updated: Monday, 18 July 2005 11:49 AM
Wednesday, 13 July 2005
Turkmenistan: a Partner in the World Energy Market
Topic: Economy & business

Considerable progress has been achieved since Turkmenistan and the European Union established co-operation in the energy sector 10 years ago. Turkmenistan and the EU maintain long-term partner relationships including those developed within the framework of the INOGATE Programme elaborated in collaboration with the EU’s TACIS Programme and aimed at working out investment projects, providing assistance in concluding contracts and realising the potential of co-operation in the sector.

According to the European Commission, Turkmenistan’s abundant energy resources is of special importance for achieving the sustainable economic and social development that creates necessary prerequisites for maintaining the peace, stability and prosperity throughout the region.

Turkmenistan’s depths contain a great amount of active reserves, and the entry to the new consumer markets will serve as a powerful stimulus for further promotion of foreign investors. The stable and reliable legal basis protecting the investors’ interests as well as providing the wide opportunities to establish long-term business partnership and the present favourable economic and investment climate attract more and more foreign partners and the leading oil and gas companies in Turkmenistan.

Turkmenistan’s oil and gas industry, including the transport infrastructure of the base sector of the national economy, are developing in accordance with the National Programme Strategy of Economic, Political and Cultural Development of Turkmenistan till 2020. At present, the international companies such as Petronas, Maersk, Burren Energy, Dragon Oil and Mitro International Ltd are successfully operating and making investments in the oil and gas industry of Turkmenistan. According to the latest statistical investigations, the foreign partners have considerably increased their share in the total investment volume taking the wide opportunities of realising Turkmenistan’s energy potential into consideration.

During the years of independence Turkmenistan made its foreign-economic activity more active being integrated in the world economy and pursuing the open-door policy proclaimed by the head of the Turkmen state. The open-door policy promoted establishing and maintaining mutually beneficial co-operation with all the international bodies. Over 100 contracts for oil products supply with more than 60 companies, most of which are the long-term partners of our country, were concluded in 2004.

Occupying the leading positions in energy production Turkmenistan also ranks among the largest ‘blue fuel’ producers and exporters and possesses substantial potential for increasing gas production and export. Therefore, under the tendency towards increasing hydrocarbons and by-products consumption observed at the present times, the special importance is attached to increase in export of Turkmen oil and gas in the world markets.

The fuel exporters as well as consumers are interested in enhancing Turkmen energy transit to foreign countries. It is the field of application mutual actions where it is necessary to seek the progressive mutually acceptable forms and conditions of co-operation.

The realisation of Turkmenistan’s huge potential as an exporter of hydrocarbons depends on the availability of the long-term investment contracts and agreements on transportation of Turkmen raw materials through the territories of the neighbouring countries, in most degree. The main task is to implement the projects contributing to increase in the supply and reliable transportation of energy resources.

The issues of export of Turkmen energy resources to the international markets were considered at the round-table discussion held in Ashgabat on 2-3 March 2005. The representatives of the Energy Charter Secretariat, European Union, European Bank of Reconstruction and Development, the world-famous companies operating in the Turkmen oil and gas market, the leaders of the concerns and corporations of the domestic fuel and energy complex and some diplomats accredited to Turkmenistan participated in the international forum.

The participants of the forum also discussed the prospects of expansion of mutually beneficial international co-operation and considered the variants of the supply of Turkmen hydrocarbons in the international markets, the investment-related provisions of the Energy Charter Treaty aimed at the creation of the appropriate investment climate in all the Energy Charter’s member states.

The participants of the forum noted that considerable increase in the supply of ‘blue fuel’ to Europe provided the good opportunities for the new suppliers including Turkmenistan as the EU’s long-term and reliable partner.

Investments in the energy resources production and infrastructure as well as the market entry are issues requiring more serious and thorough understanding and a constructive approach. In this context the Energy Charter Treaty is a multilateral instrument, dealing specifically with inter-governmental co-operation in the energy sector. Turkmenistan was among the countries, which were the first to sign and accede to the Treaty. At present Turkmenistan is the Charter’s participating state.

The Energy Charter takes much effort to facilitate the transit of energy on a non-discriminatory basis consistent with the principle of freedom of transit. The Charter’s participating states have looked to enhance the Treaty’s provisions on transit through the elaboration of the Transit Protocol. The Transit Protocol is a functional legal document aiming to develop a regime of the commonly accepted operative principles covering the transit flows of energy resources. Most of the Charter’s participating states recognised the necessity of adoption of this document.

The point is to reach the new stage in realisation of the huge potential of regional and international co-operation in the energy sector.

Turkmenistan: the Golden Age

Posted by countryturkmenistan at 5:15 PM
Updated: Wednesday, 13 July 2005 5:19 PM
Tuesday, 12 July 2005
U.S. Company Wins a Bid to Construct a Sturgeon Breeding and Caviar-Producing Facility in Turkmenistan
Topic: Economy & business
Turkmen President Saparmurat Niyazov approved a decision made by a tender commission on the results of an international tender on designing and constructing a sturgeon breeding and caviar-producing facility in Kiyanly settlement of Balkan region.

As the Ashgabat correspondent of reports, the “sturgeon” tender was announced in January 2004. According to the tender terms, it called not only for construction of this facility in Balkan region but also for construction (purchase) of a multi-purpose small fishing-boat with special equipment for transportation of fishermen, whitebait and conducting research expeditions in the Caspian Sea as well as construction of various mini work-shops.

The head of state signed a resolution approving the decision of the tender commission of the State Fishery Committee of Turkmenistan on declaring the US Florida Sturgeon Engineering company the winner of the international tender.

The State Fishery Committee of Turkmenistan is authorized to sign a 16.9m-dollar investment contract with the US Florida Sturgeon Engineering company on the design and construction of a complex, the first facility of such kind in Turkmenistan, with the annual capacity to produce three tons of caviar, 100 tons of sturgeon fish as well as 5 mln sturgeon fry, including financing of the project by the U.S. side. The project is due to start as of September 2005 and finish by December 2006.

Internet newspaper Turkmenistan.Ru

Posted by countryturkmenistan at 12:33 PM
Updated: Thursday, 14 July 2005 10:00 AM
Friday, 8 July 2005
Turkmenistan Releases Statistics for Jan-Jun 05 Period
Topic: Economy & business
Ashgabat, 8 July 2005 (nCa) --- Turkmenistan has released economic statistics for the first half of 2005.

Here is the brief picture:

GDP reportedly gained by 20.4% over the same period of last year. Total size of GDP for Jan-Jun is 54.916 trillion Manats.

Industrial sector gained 18.5%, agriculture 19.8%, construction 17.1%, transport and communications 17%, trading 27.9% and service sector registered overall gain of 23% compared to the first half of 2004.

Industry, petroleum, oil refining, gas and food processing maintained steady growth during the period under review.

During the past six months, 33.079 billion cubic meters of gas was extracted in the country. Out of this volume, 23.887 billion cubic meters was exported.

Petroleum production amounted to 4.807 million tons. Oil refineries of Turkmenistan processed 3.454 million tons of crude.

Lube oil production increased by 9% (+22600 tons), liquefied gas 14% (+188500 tons), polypropylene 1% (+41100 tons).

The production of auto petrol and diesel oil remained at the level of the last year, 815500 tons and 958500 tons respectively.

Power generation during the Jan-Jun 05 period was 6027.6 million kWh. This represents 9% gain over the same period of last year.

Construction material also showed considerable gain. Cement production was the strongest with 220% gain over the same period of last year. Sheet glass manufacturing increased by 12% and other construction material gained by 10%.

Textile industry, under the broad management of the ministry of textile industry, continued to show strong growth.

Silk yarn production was up by 47%, washed wool 11%, cotton yarn 17%, silk fabric 0.5%, cotton fabrics 3%, non-woven material 25%, cotton wool 26%.

In the food processing industry, canned meat production was up by 22%, fruit and vegetables products 3%, pasta 18%. Non-alcoholic drinks shot up by 16% because of the summer season.

In the agriculture sector, live meat production was improved by 10%, milk 11%, eggs 15%, vegetables 9%, melons and gourds 17%.

Large horned cattle population was up by 2%, reaching 2.014 million. Fine horned livestock gained by 8%, reaching 16.96 million. Birds and fowl gained by 7%, with total population 15.93 million.

During this harvesting season, Turkmenistan hopes to gather 3.1 million tons of wheat.

Posted by countryturkmenistan at 11:03 AM
Two Top Banks Merged to Form Turkmenistan Bank
Topic: Economy & business
Ashgabat, 3 July 2005 (nCa) --- Turkmenistan decided Friday to merge two of its top banks to create the largest commercial bank of Turkmenistan.

Turkmenbashy Bank would be merged with Turkmenistan Bank and the new entity would be called Turkmenistan Bank.

The decision is partly meant to plug the holes in the banking sector of Turkmenistan and partly to salvage what is left of the ailing Turkmenbashy Bank.

This brings down the total number of commercial banks in Turkmenistan from 12 to 11.

After merger, Turkmenistan Bank would have 41 branches all over the country. Of these, 26 branches belong to the former Turkmenistan Bank and 15 to the Turkmenbashy Bank.

The distribution of branches is: Ashgabat 10, Ahal province 7, Mary province 5, Lebap province 9, Balkan province 8, and Doshoguz province 2.

Although by sheer size Daikhanbank (Peasants’ Bank) is the largest with 50 branches, it is mainly serving the agriculture sector. Turkmenistan Bank is the largest for the trading and business sector.

Posted by countryturkmenistan at 11:01 AM

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