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Turkmenistan and PETRONAS agree to extend production sharing agreement
01.11.2025PETRONAS has extended its production sharing agreement with the Government of Turkmenistan for 25 years, until 2050, according to Albert Mehtiev, Chief Stakeholders Management, at the ‘Oil and Gas of Turkmenistan – 2025’ conference, reports the online publication ‘Business Turkmenistan’. PETRONAS' main focus is the development of Block 1 on the Turkmen shelf of the Caspian Sea in partnership with XRG ADNOC. Over the next five years, the company will focus on increasing production and is considering participation in other projects in the region. PETRONAS is also open to new forms of cooperation, including the development of petrochemicals and other joint initiatives. Earlier, ‘PETRONAS Carigali (Turkmenistan) Sdn Bhd’ announced plans to monetise hydrocarbons from Block 1.
‘Türkmengaz’ to sign $108 million contract with ‘Siemens Energy Global’
01.11.2025The State Concern ‘Türkmengaz’ plans to sign a contract with ‘Siemens Energy’ worth $108 million for the repair of compressors and turbines. This was announced by Berdimyrat Amanov, Deputy Chairman of the ‘Türkmengaz’ State Concern, at the ‘Turkmenistan Economy Days’ forum in Frankfurt, according to the online publication ‘Business Turkmenistan’. B. Amanov noted the long-term nature of cooperation with German companies. Among the projects is a Memorandum with ‘Siemens Energy’ on the modernisation of compressor stations, signed in November 2023. Special attention is paid to cooperation with BASF: from 2020 to 2025, more than 2,000 tonnes of chemical reagents worth over €22 million were purchased through a trading partner. Amanov proposed concluding a direct long-term contract to optimise supplies. Cooperation with Germany covers the supply of pipes, equipment, chemical reagents, spare parts and the construction of compressor stations. Investment projects are also being developed in Turkmenistan for the production of chemical products and cement based on local resources. The forum was organised by the Chamber of Commerce and Industry of Turkmenistan with the support of TMT Consulting Group.
Turkmenistan and India strengthen bilateral ties
01.11.2025On 31 October 2025, Deputy Foreign Affairs Minister of Turkmenistan Myahri Byashimova met with Ambassador Extraordinary and Plenipotentiary of the Republic of India to Turkmenistan Bandaru Wilsonbabu. This was reported by the press service of the Foreign Affairs Ministry of Turkmenistan. During the negotiations, the prospects for further development of bilateral relations between Turkmenistan and India in the political-diplomatic, trade-economic and cultural-humanitarian spheres were discussed. The parties noted the productivity of cooperation within international organisations, including the UN. The Indian side received an invitation to take an active part in major events scheduled for December 2025, dedicated to the 30th anniversary of Turkmenistan's permanent neutrality, the International Year of Peace and Trust, and the International Day of Neutrality.
Turkmenistan to host CIET 2025 International Conference
01.11.2025The CIET 2025 International Conference and Exhibition, to be held in the ‘Avaza’ National Tourist Zone on 3-4 November 2025, will focus on ‘green’ energy and sustainable construction. This was reported by the online publication Arzuw News. Under the slogan ‘Smart Construction. Clean Energy. Resilient Future,’ the event will bring together more than 800 participants from 56 countries. The forum's programme includes discussions on innovative and energy-efficient technologies that can improve productivity and the environmental situation. Special attention will be paid to B2G meetings for direct interaction with government agencies and expanding investment opportunities. The forum will provide entrepreneurs with a platform to present products, establish contacts and form partnerships, contributing to the strengthening of Turkmenistan's economy and promoting the country as a leader in ‘green’ energy and innovative construction.
‘Türkmengaz’ State Concern offers German companies joint long-term projects
01.11.2025At the ‘Turkmenistan Economy Days’ forum in Germany, Berdimyrat Amanov, Deputy Chairman of the ‘Türkmengaz’ State Concern, presented the country’s energy potential and prospects for cooperation with German companies, according to the news agency TerraNews. B. Amanov noted that Turkmenistan's hydrocarbon reserves are estimated at 71.2 billion tonnes of oil equivalent, including 27.4 trillion cubic metres of gas in the ‘Galkynysh’, ‘Yashlar’ and ‘Garakol’ fields. B. Amanov spoke about plans to develop the second and third phases of the ‘Galkynysh’ field, build compressor stations and underground storage facilities, and introduce SCADA digital control systems and smart meters. He also highlighted the successful cooperation with ‘Siemens Energy’ and ‘BASF SE’ and expressed his willingness to expand the partnership with Germany in the supply of equipment, chemical reagents and construction of facilities, confirming Turkmenistan's openness to investment and international cooperation.
Turkmen weightlifter wins Asian Youth Games and sets record
31.10.2025Turkmen athlete Didarbek Jumabayev won a gold medal in the clean and jerk at the Asian Youth Games in Manama (Bahrain) in the 79 kg weight category. This was reported by the news website Turkmenportal. In his best attempt, D. Jumabayev lifted a barbell weighing 177 kg, setting new youth records for Asia and the Asian Games. The silver medal went to Nurzhan Zhumabay of Kazakhstan, who lifted 176 kg, and the bronze medal was won by Xiao Ao of China with a result of 172 kg. In addition, Jumabayev won bronze in the snatch, lifting 138 kg.
Turkmenistan intensifies East-West and North-South transport corridors
31.10.2025Turkmenistan is actively developing its transport infrastructure, striving to become a key transit hub for East-West and North-South routes, said Deputy Minister of Finance and Economy Babaniyaz Yalakov. This was reported by the news website Turkmenportal. He emphasised that the country is located at the intersection of important trade routes, which opens up new foreign markets for domestic producers. According to B. Yalakov, Turkmenistan has a developed air transport network with seven international airports and promising railway routes, including the TRACECA transport corridor, and also participates in the North-South Transport Corridor, the Trans-Caspian Route and the Lapis Lazuli Corridor. Particular attention is being paid to the modernisation of road transport: this year, it is planned to complete the third stage of the Ashgabat-Turkmenabat motorway, providing a direct link with Uzbekistan. The seaport of Turkmenbashi, with its upgraded infrastructure, is expanding access to global sea routes. B. Yalakov added that the country continues to prepare for accession to the WTO, including the finalisation of the Memorandum on Foreign Trade Regime and the introduction of international standards. 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 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 is actively developing its economy, environment and culture
31.10.2025On 29 October, events in the fields of economics, ecology and culture took place in Turkmenistan, according to the news website Asmannews. In Ashgabat, ‘Turkmen Gala’ signed an agreement with the international company ‘Emerson’ on the implementation of digital and automated solutions in the oil and gas industry, which should contribute to the modernisation of the energy sector, job creation and export expansion. The capital also hosted a seminar on the Global Methane Pledge (GMP) initiative, dedicated to reducing methane emissions and the rational use of natural resources, with an emphasis on climate adaptation and environmental sustainability. The cultural programme was complemented by a concert entitled ‘Music of Peace and Hope’, timed to coincide with the 80th anniversary of the UN, featuring artists of different generations and people with disabilities, which became a symbol of unity and humanism. The events highlighted Turkmenistan's commitment to developing its economy, environment and culture, strengthening cooperation and adhering to the principles of sustainable growth.
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