ASHGABAT, Turkmenistan, October 24. The national program for economic development is being implemented in Turkmenistan, including the modernization of the oil industry and the introduction of innovative technologies, the chairman of the State Concern 'Turkmennebit,' Guvanch Agajanov said, Trend's special correspondent reports.
He made the remark at a press conference dedicated to the results of the conference “Oil and Gas of Turkmenistan - 2025” in Ashgabat.
According to him, the renewal of equipment and the introduction of modern technologies will allow oil production to increase by 5-10 percent annually.
Agajanov noted that foreign direct investment is welcome as part of the investment policy, especially in the Turkmen sector of the Caspian Sea.
“Recently, in April 2023, we signed a memorandum of understanding with Petronas on seven blocks at an investment forum in Malaysia. This memorandum is currently being implemented,” he said.
He also added that a memorandum had been signed with Dragon Oil on the development of the nineteenth block, and negotiations were underway on further cooperation.