ASHGABAT, Turkmenistan, October 18. Petronas has invested a total of $11 billion in Turkmenistan's oil and gas sector, said Malaysian ambassador to the country Mohd Suhaimi Ahmad Tajuddin at the 67th National Day of Malaysia celebration at the embassy in Ashgabat, Trend reports.
"Since the establishment of diplomatic relations 32 years ago, Turkmenistan has been a vital international partner for Malaysia. With unwavering confidence in Turkmenistan's capabilities and economic potential, Malaysia took prompt action and began investing significantly in Turkmenistan's oil and gas industry in 1996 through its national oil company, Petronas. To date, Petronas has invested $11 billion in Turkmenistan's oil and gas sector," said the ambassador.
According to the official, beyond just energy, these investments have extended to education and various corporate social responsibility initiatives, positively impacting the local population.
Moreover, the ambassador highlighted that both nations strive for a brighter future, they remain committed to diversifying their cooperation through continued trade, investment, and technical collaboration, reinforcing their enduring partnership.
In June 2024, Turkmenistan reaffirmed its commitment to enhancing cooperation with Petronas during a meeting between Gurbanguly Berdimuhamedov, Chairman of the People's Council, and Ismadi Bin Ismail, CEO of PETRONAS Carigali (Turkmenistan) Sdn Bhd. They highlighted the expanding trade and economic links between the nations, particularly in the fuel and energy sector, where Petronas has made significant contributions.
Turkmenistan's hydrocarbon resources are estimated at over 71 billion tons of oil equivalent, including more than 20 billion tons of oil and over 50 trillion cubic meters of natural gas.