Economy
Turkmenistan is directing its economy towards the production of demanded goods
31.10.2025Deputy Minister of Finance and Economy of Turkmenistan Babaniyaz Yalakov stated during the Days of Turkmenistan's Economy in Germany that the goal of structural reforms in the country's economy is to create competitive products that are in demand on domestic and foreign markets, with an emphasis on manufacturing industries with high added value based on local raw materials, according to the news website Turkmenportal. According to him, one of the key areas of investment policy remains attracting foreign direct investment for the introduction of modern technologies and equipment, the development of innovation, human capital and ensuring environmental and economic security. B. Yalakov emphasised Turkmenistan's desire to create a favourable business environment and stimulate entrepreneurial activity. Among the priorities for international cooperation, he named transport and logistics corridors, energy cooperation, the digital economy, e-Government, agriculture and water resource management. The Days of Turkmenistan's Economy are being held on 30–31 October in Frankfurt am Main, organised by the Chamber of Commerce and Industry of Turkmenistan and TMT Consulting Group.
Turkmenistan intends to develop strategic partnership with German banks
31.10.2025Turkmenistan is seeking strategic and mutually beneficial cooperation with German financial institutions. The volume of joint projects with German banks has already reached about $700 million, said Serdar Yusupov, Deputy Head of the International Finance Department of the State Bank for Foreign Economic Affairs of Turkmenistan, at the Days of Turkmenistan's Economy in Germany, according to the news website Turkmenportal. S. Yusupov emphasised the reliability of partnerships with institutions such as Deutsche Bank, Commerzbank and the export credit agency Euler Hermes in implementing projects in key sectors of the country's economy, from textiles and medical industry to the oil and gas sector. S. Yusupov noted the development of Turkmenistan's banking system, which offers corporate and retail loans, trade and project financing, bank cards, international payments and transfers. The country's banks are integrated into the national system of the Central Bank, SWIFT and the global payment networks VISA and Mastercard, comply with international standards for combating money laundering, terrorist financing and corruption, as well as the sanctions regimes of the UN, the US, the EU and the G7. Turkmenistan intends to deepen its integration into the global economy and is open to new joint projects with Germany in the areas of financial services, investment, documentary business, trade finance, digitalisation of banking infrastructure and personnel training. The Turkmenistan Economy Days are being held on 30–31 October in Frankfurt am Main, organised by the Chamber of Commerce and Industry of Turkmenistan and TMT Consulting Group.
Turkmenistan maintains steady growth and low external debt at the end of 2024
31.10.2025At the end of 2024, Turkmenistan's external debt amounted to 4.1% of GDP, while there has been no internal debt since January 2022. This was announced by the country's Deputy Minister of Finance and Economy, Babaniyaz Yalakov, at the Days of Turkmenistan's Economy in Germany, according to the news website Turkmenportal. The republic's GDP in 2024 exceeded $68.7 billion, and economic growth remained at 6.3%. Investments in the economy reached $12.1 billion, which is 9% more than a year earlier. The volume of foreign investments grew by almost a quarter to $1.4 billion, or 11.6% of the total investment volume. The main areas for investment remain the oil and gas sector, the chemical industry, energy, construction and the agro-industrial complex. Inflation at the end of 2024 was 3.8%, and at the end of the first three quarters of 2025, it was 3.9%. Turkmenistan's foreign trade turnover reached $19.7 billion in 2024, with exports exceeding imports. Exports are dominated by hydrocarbons and manufacturing products, while supplies of electricity, fertilisers, construction materials and textiles are also growing. B. Yalakov noted that the development of non-hydrocarbon sectors of the economy is supported by the introduction of innovative technologies and digital solutions that increase the efficiency and competitiveness of national industry. The forum is being held on 30–31 October in Frankfurt am Main and is organised by the Chamber of Commerce and Industry of Turkmenistan and TMT Consulting Group.
A project to finance biodiversity has been launched in Turkmenistan
31.10.2025An introductory seminar for a new UNDP project in Turkmenistan, ‘Umbrella Programme to Support Development of Biodiversity Finance Plans’, was held in Ashgabat. This was reported by the news website Turkmenportal. The initiative, funded by the Global Environment Facility (GEF) and implemented by UNDP in collaboration with the Ministry of Environment of Turkmenistan, aims to create a national Biodiversity Finance Plan in line with the objectives of the Convention on Biological Diversity and the Global Biodiversity Framework. Participants discussed the country's priorities in the field of nature conservation, funding needs and ways to attract public and private resources. Particular attention was paid to aligning national measures with the Kunming-Montreal Framework, which calls for reducing the global funding gap for ecosystem protection through innovative financial solutions. The project is being implemented in a number of countries and aims to develop sustainable financing mechanisms, integrate environmental priorities into national strategies, and promote ‘green’ investments that contribute to a sustainable, nature-oriented future.
Turkmenistan and Italy sign agreement on partnership in energy sector
30.10.2025Turkmenistan and Italy have signed agreements on cooperation in the fields of communications, cybersecurity and energy following the Turkmen-Italian Business Forum attended by President Serdar Berdimuhamedov, according to the news website Turkmenportal. The forum discussed strategic areas, including energy and transport, as well as prospects for joint projects in the oil and gas industry and the development of transport and transit infrastructure. The following agreements were signed: a Confidentiality Agreement between the State Cybersecurity Service under the Ministry of Communications of Turkmenistan and ‘Leonardo-Societa per azioni’, as well as Memoranda of Understanding between the Ministry of Communications of Turkmenistan and ‘Leonardo-Societa per azioni’, and between the Ministry of Energy of Turkmenistan and ‘Pietro Fiorentini S.p.A.’ In addition, an exhibition of Turkmen products was held as part of the forum.
‘Dragon Oil’ and Turkmenistan strengthen energy cooperation
29.10.2025‘Dragon Oil’ celebrated its 25th anniversary of partnership with Turkmenistan, which coincided with the 30th anniversary of diplomatic relations between Turkmenistan and the UAE, according to the news website Asmannews. The company adheres to high environmental standards, ensuring safe hydrocarbon production and protection of the Caspian Sea. To increase efficiency, artificial intelligence technologies are used in reservoir modelling, equipment diagnostics and monitoring with drones. This allows for optimisation of production and increased safety. Since the start of operations in Turkmenistan, investments have grown from $200 million in 2000 to $15.2 billion by 2025. Total production amounted to 726 million barrels of oil, and since the signing of the agreement on the ‘Cheleken’ block in 1999, 468 million barrels. The company employs 4,760 people, including 2,200 in Turkmenistan, where 93% of the workforce are local specialists. In addition to the oil sector, ‘Dragon Oil’ is involved in environmentally friendly power generation projects, as well as developing solar and wind energy and promoting greening of the environment.
OGT 2025 conference and exhibition successfully concluded in Ashgabat
26.10.2025The 30th International Conference and Exhibition ‘Oil and Gas of Turkmenistan – 2025’ (OGT 2025) concluded in Ashgabat on 24 October. On the last day, key topics were discussed: underground gas storage (UGS), LNG, carbon dioxide capture and utilisation technologies, as well as the role of innovation and human resources in the country's energy transition, according to the news website Asmannews. Gurbangeldi Garlyev, Chairman of the State Corporation ‘Türkmengeologiýa,’ spoke about CCUS technologies, emphasising their importance in combating climate change and their potential for integration with renewable sources and hydrogen technologies for sustainable development. Phil Gibbons, Senior Petrophysics Consultant at GaffneyCline Energy Advisory, presented an assessment of the ‘Ojak’ field storage project. According to him, the reservoir can hold up to 5 billion cubic metres of working gas per season, and the recommendations for wells will increase efficiency and reduce costs. The project is seen as a strategic step towards Turkmenistan's energy independence and competitiveness. OGT 2025 was attended by more than 1,400 delegates from 70 countries, including representatives of companies, government agencies and scientific organisations, confirming Turkmenistan's status as a reliable energy partner. The conference concluded with a press conference, which highlighted the productivity of the meetings and the strengthening of international cooperation.
Turkmenistan plans to produce 80 billion cubic metres of gas in 2025
26.10.2025Turkmenistan plans to maintain natural gas production at 80 billion cubic metres in 2025. This was announced by Maksat Babayev, Chairman of the State Concern ‘Türkmengaz’, at a press conference following the OGT 2025 international conference and exhibition held in Ashgabat, according to the news website Turkmenportal. ‘This year's gas production level is 80 billion cubic metres, and we are also planning production in this range for next year,’ said M. Babayev. He stressed that in the medium term, the country plans to gradually increase production. In particular, next year will see the start of the fourth phase of development of Turkmenistan's largest field, ‘Galkynysh’, which is expected to produce an additional 10 billion cubic metres of gas annually. The project will be implemented by the Chinese company CNPC, which won the international tender. In the first half of 2025, Turkmenistan produced about 39 billion cubic metres of gas, while at the end of 2024, total production exceeded 77 billion cubic metres.
‘Gazprom’ presented gas storage facility construction technologies at a forum in Ashgabat
25.10.2025At the international conference ‘Oil and Gas of Turkmenistan – 2025,’ PJSC ‘Gazprom’ presented its technologies in the field of underground gas storage (UGS) construction. This was reported by the news website Turkmenportal. Company representative Sergey Khan recalled that work on the creation of UGS facilities in Russia began in 1955, and over 70 years, more than 3 trillion cubic metres of gas have passed through them. Currently, there are 27 storage facilities in operation with an operational reserve of 73 billion cubic metres. He emphasised that ‘Gazprom’ is a world leader in this field and possesses a full range of technologies for the design and operation of UGS facilities. The Head of ‘Türkmengaz’, Maksat Babayev, reported that technical surveys are being completed in Turkmenistan for the construction of an underground gas storage facility based on the former ‘Ojak’ field with a capacity of 5 billion cubic metres of gas.
CNPC intends to strengthen strategic cooperation with Turkmenistan
25.10.2025The volume of Turkmen gas supplies to China has reached 450 billion cubic metres, which has significantly supported the economic and social development of both countries, said Chen Huailong, CNPC President for Central Asia and Russia, at the OGT 2025 conference in Ashgabat. This was reported by the news website Asmannews. He stressed that gas remains a key energy source in the transition to a low-carbon economy. With its large reserves, Turkmenistan is able to meet growing global demand and contribute to the achievement of carbon emission reduction targets by expanding export routes. Over 19 years of cooperation with China, the gas industry has developed significantly, including field development, trade and engineering projects. Chen Huailong noted the recent agreements between the leaders of the two countries, which confirmed the strategic nature of the partnership. CNPC intends to strengthen cooperation with ‘Türkmengaz’ across the entire gas chain, ensuring stable production, pipeline safety and increased gas recovery. In addition, the company plans to develop ‘green’ energy, including hydrogen and methane emission reduction, digitalisation of infrastructure and training for Turkmenistan.
OGT 2025: new technologies and partners in the energy market of Turkmenistan
25.10.2025The 30th anniversary International Conference and Exhibition ‘Oil and Gas of Turkmenistan – 2025’ (OGT 2025) became a significant platform for strengthening international cooperation. The event was attended by more than 1,400 delegates and over 100 companies, confirming the high level of interest in the country's energy market, according to the news agency ‘Turkmenistan: Golden age’. The stand of ‘Seda’, the official representative of ‘Agilent Technologies’, presented the new ‘Agilent 8890’ gas chromatograph model with touch control and a self-diagnostic system. Company representative Anastasia Kostina noted that the device is ‘the benchmark in its category.’ In addition, ‘Seda’ represents the brands ‘Peak Scientific’, ‘Merck’, ‘Horiba’, ‘Thermo Fisher’, and ‘Sigma-Aldrich’. Among the new participants, ‘Nurpex Chemical Industries FZE’ from the UAE, which supplies chemical materials for the oil, gas and energy industries, stood out. Oraz Garayev, the company's representative in Turkmenistan, emphasised that participation in OGT 2025 opens up opportunities for expanding cooperation and implementing innovative solutions. The Chinese company ‘Hebei Huayang Steel Pipe Co., Ltd’, a manufacturer of straight-seam pipes used in the construction and transportation of energy carriers, also participated in the exhibition for the first time. The company already cooperates with a number of Asian countries and is interested in the Turkmen market. The results of OGT 2025 confirmed Turkmenistan's growing investment attractiveness and its desire to develop long-term partnerships with global leaders in the energy industry.
Uzbekistan is ready to join hydrocarbon production projects in Turkmenistan
24.10.2025Uzbekistan is ready to participate in hydrocarbon production projects in Turkmenistan, said Deputy Minister of Energy of Uzbekistan Azizhoja Kobilov at the conference ‘Oil and Gas of Turkmenistan – 2025’. This was reported by the news website Turkmenportal. According to him, cooperation in the energy and oil and gas sectors is a key area of bilateral relations. Currently, Uzbekistan receives electricity, gas, condensate and other petroleum products from Turkmenistan. A. Kobilov noted that Turkmenistan has significant untapped hydrocarbon potential, the development of which will increase the energy security of the region and the world. Joint work in the extraction and processing of hydrocarbons, the development of gas chemistry and the introduction of modern technologies will strengthen energy sustainability, create new production chains and contribute to the region's economic growth.
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