BAKU, Azerbaijan, October 23. An Azerbaijani company is actively working on opening a branch for the production of liquid nitrogen fertilizers in Turkmenistan, the Chairman of Caspian Logistics Solutions Adnan Ahmadzade said, Trend reports.
He made the remark at the plenary session titled "The Latest Trends in the Global Energy Markets and Prospects for Mutually Beneficial Cooperation" during the international conference and exhibition "Oil and Gas of Turkmenistan - 2024" (OGT 2024) in Ashgabat today.
"As an Azerbaijani company, we have repeatedly expressed interest in investing in the industrial, logistics, and agricultural sectors of Turkmenistan, given the favorable investment climate in the country. Currently, our holding's Azchemco company is actively working on the process of opening a branch in Turkmenistan," he said.
Ahmadzade pointed out that the new facility will produce locally sourced liquid fertilizers, which will be marketed both regionally and globally.
He also mentioned that agriculture plays a crucial role in combating climate change.
"Agriculture accounts for eight percent of the overall causes of global climate change. Liquid fertilizers are more attractive for agricultural purposes due to their lower water usage requirements, considering the water scarcity in the Central Asian region.
The use of liquid nitrogen fertilizers will reduce CO2 emissions into the atmosphere, allowing Turkmenistan to contribute to the fight against the greenhouse effect," Ahmadzade added.
To note, the OGT 2024 forum serves as an international platform, which brings together leading national and international oil and gas companies, industry experts, and financial institutions. The main goal of the event is to strengthen the dialogue on the sustainable development of the energy sector and attract investments into Turkmenistan's oil and gas industry.
The forum will discuss the prospects for developing fields, modernizing processing facilities, implementing advanced technologies, and addressing the environmental aspects of hydrocarbon extraction.