Economy
Turkmenistan has exceeded its oil and gas production targets
03.05.2026In January–April 2026, Turkmenistan exceeded its targets for oil and gas production and processing. This was reported by Turkmenportal. According to data from the State Concern ‘Türkmennebit’, oil production reached 107.1% of the target, whilst natural and associated gas production stood at 106.7%. Oil refineries also exceeded their targets: oil refining – 104.9%, petrol production – 113.7%, diesel fuel – 108.7%, lubricating oils – 110.3%, and liquefied gas – 122.1%. The sector’s performance was presented at a government meeting by Deputy Prime Minister Guvanch Agajanov. President of Turkmenistan Serdar Berdimuhamedov instructed that hydrocarbon production be increased, full capacity utilisation be ensured, and the efficiency of geological exploration and drilling operations be improved.
Turkmenistan is expanding gas production at the ‘Galkynyş’ field
03.05.2026Work has begun in Turkmenistan on the fourth phase of development of the ‘Galkynyş’ gas field. The project involves the construction of a facility with a capacity of 10 billion cubic metres of gas per year and the drilling of new wells. This was reported by AsmanNews. It is noted that the launch of this new phase is linked to the development of cooperation with China in the gas sector. The project aims to increase production volumes and expand export opportunities. The ‘Galkynyş’ field is one of the world’s largest in terms of natural gas reserves. Its development is seen as a key factor in strengthening the country’s position in the international energy market. The project also involves the introduction of modern technologies and the participation of international partners. This contributes to the development of the industry and the upskilling of specialists. It is reported that this new phase will create additional jobs and have a positive impact on economic and social development. The launch of the fourth phase opens up opportunities for further expansion of cooperation with foreign countries and the implementation of new energy projects.
Turkmenistan continues to maintain steady economic growth
03.05.2026The President of Turkmenistan, Serdar Berdimuhamedov, chaired a meeting of the Cabinet of Ministers at which the macroeconomic results for January–April 2026 were reviewed. This was reported by the publication ‘Turkmenistan: Golden age’. According to the Head of State, stable economic growth was achieved during the reporting period. GDP increased by 6.3%. State programmes are being implemented, and the development of industries and the modernisation of the manufacturing sector are continuing. Active construction of industrial facilities, residential buildings, modern housing estates, schools and nurseries has been noted. Work is also continuing to expand the country’s export potential. The President of Turkmenistan has instructed that strict control be exercised over the implementation of state programmes.
Turkmenistan and ‘Dragon Oil’ are stepping up their energy cooperation
03.05.2026On 30 April, Bayram Bayramov, Turkmenistan’s Ambassador Extraordinary and Plenipotentiary to the United Arab Emirates, held talks with Abdulkarim Al Maazmi, Chief Executive Officer of ‘Dragon Oil’. The meeting at the company’s headquarters confirmed the deepening of energy cooperation between the two countries, reports the news agency Orient. The parties discussed the contribution of their long-standing partnership in the oil and gas sector to economic development and regional energy security, and reaffirmed their commitment to maintaining stable conditions for the company’s operations on the Turkmen shelf. The CEO of ‘Dragon Oil’ expressed interest in expanding cooperation, including the introduction of new technologies and increased production, which underscores Turkmenistan’s role as a reliable partner against the backdrop of changes in the global energy market.
Turkmenistan and Pakistan discussed cooperation in the banking sector
02.05.2026On 29 April 2026, the Embassy of Turkmenistan in Islamabad held a meeting with a delegation from Habib Metro Bank led by Fatima Zehra. The parties discussed expanding cooperation in the financial and banking sectors, according to the press service of the diplomatic mission. The parties considered establishing direct correspondent relations, developing financial mechanisms and launching joint projects. Mutual interest in expanding contacts between the financial institutions of the two countries was noted. It is expected that this will have a positive impact on the business environment and investment activity. Following the meeting, the parties confirmed their readiness to continue the dialogue. They agreed to maintain regular contact.
Turkmenistan has joined the Asian Development Bank’s project to modernise border infrastructure
02.05.2026Turkmenistan has joined the Asian Development Bank’s project to modernise modern border crossing points as part of the CAREC programme. Technical assistance amounting to US$1 million has been allocated to the initiative, according to the news agency Orient. The project aims to upgrade border infrastructure using innovative and environmentally friendly solutions and covers countries in the region and partners. It involves preparing project documentation for key border crossing points, introducing new approaches to infrastructure construction, and training specialists in border facility management. Turkmenistan’s participation will help accelerate the modernisation of the transport and logistics system and improve the efficiency of cross-border trade through the introduction of modern technologies and the optimisation of border procedures. The ADB notes that weak infrastructure and complex control processes remain problematic factors affecting the cost and speed of transport in the region. The project is expected to increase the throughput capacity of border crossing points and improve conditions for the development of trade and transport routes involving the country.
Turkmenistan and South Korea discussed cooperation in shipbuilding and transport
02.05.2026Turkmenistan and the Republic of Korea have discussed prospects for expanding economic cooperation, including in the shipbuilding sector. This was reported by the online publication ‘Business Turkmenistan’. These issues were raised during a meeting between Batyr Annayev, Deputy Chairman of the Cabinet of Ministers of Turkmenistan, and Lee Won-jae, Ambassador of the Republic of Korea to Turkmenistan. In addition to shipbuilding, the parties exchanged views on potential cooperation in the field of rail transport, as well as in the transport and communications sectors. It is noted that the ‘Balkan’ shipbuilding and ship repair yard is currently implementing a project, in collaboration with the South Korean company ‘Koryo Shipbuilding Industry Technology Co., Ltd.’, to build two dry cargo ships, each with a carrying capacity of 6,100 tonnes.
‘Puyang Shengyuan’ is set to launch polycarbonate production in Turkmenistan
01.05.2026The Chinese petrochemical group ‘Puyang Shengyuan Petrochemical Group’ intends to ensure that over 20% of the production of high-quality polycarbonate in Turkmenistan is locally sourced. This was announced by the company’s President, Wang Xichen, at the Turkmen-Chinese Business Forum, according to the online publication ‘Business Turkmenistan’. According to Wang Xichen, the company is ready to implement major strategic projects aimed at strengthening the country’s resource security and modernising its industrial sector. This involves the transfer of technologies for the production of high-quality polymers and environmentally friendly materials, followed by their integration into Turkmenistan’s industrial system. It is also noted that the cooperation includes the introduction of modern environmental standards, the development of sustainable supply chains and the creation of a technical support network across the country. The company’s Head emphasised that entering the Turkmenistan market is viewed as a long-term strategy focused on the production of high value-added products based on local raw materials.
A seminar on the protection of investors’ rights in the securities market was held in Ashgabat
01.05.2026A seminar was held in Ashgabat for specialists from the Ministry of Finance and Economy and the Ashgabat Stock Exchange. The event was organised as part of a joint project between UNDP and the Ministry of Finance and Economy of Turkmenistan aimed at developing the country’s financial market, reports Turkmenportal. UNDP experts reviewed international practices regarding investor protection, standards for investment activities in the securities market, and the operations of the Ashgabat Stock Exchange. The project covers the improvement of legislation, the development of a strategy for the securities market, the professional development of specialists, and the development of the depository system.
The development of ‘green’ energy was discussed at a business forum in Ashgabat
01.05.2026A Turkmen-Chinese business forum was held in Ashgabat, where cooperation in the electricity sector was discussed. This was reported by ‘Turkmenistan: Golden age’. S. Saparov, Deputy Minister of Energy of Turkmenistan, stated that there are 11 power stations operating in the country with a total capacity of 7,000 MW. This enables the country to meet domestic demand and increase electricity exports. Particular attention is being paid to the development of renewable energy sources and the reduction of emissions. In the Gyzylarbat etrap of Balkan velayat, a 10 MW solar-wind power station has been prepared for commissioning. A proposal from ‘Power China’ to build a 300 MW solar power plant using preferential long-term financing is also under consideration. China remains one of Turkmenistan’s key partners in the energy sector. The parties continue to discuss joint projects in the field of ‘green’ energy.
Turkmenistan and ‘Om Office Park’ discussed ways to strengthen cooperation
30.04.2026A meeting was held at the ‘Om Office Park’ headquarters with Sapar Palvanov, Ambassador Extraordinary and Plenipotentiary of Turkmenistan to Belgium. The company’s management thanked the diplomat for his visit and the constructive dialogue, according to the IIC of Turkmenistan. The parties discussed a wide range of issues of mutual interest, noting the prospects for developing the partnership and outlining steps to strengthen it. Following the meeting, representatives of ‘Om Office Park’ expressed their readiness for active cooperation and the implementation of joint projects to develop business ties between Turkmenistan and its European partners.
GEELY presented more than 10 models at the exhibition in Ashgabat
30.04.2026At an exhibition held as part of the Turkmen-Chinese Business Forum in Ashgabat, GEELY’s official distributor in Turkmenistan – the company ‘Bereket gözbaşy’ – showcased more than 10 models from the Chinese car manufacturer. This was reported by the publication ‘Turkmenistan: Golden age’. The GEELY Monjaro crossover attracted the most interest from visitors. According to company representative Altyn Mudraya, the car is equipped with 19 airbags and is adapted to operate in extreme weather conditions – from intense heat to freezing temperatures. The company offers customers finance schemes, direct deliveries from the factory and customised specifications. Car owners are provided with a three-year warranty, a service centre in Ashgabat and a permanent stock of original spare parts.
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