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Business & Economics, Turkmenistan


Over the next ten years, Turkmenistan plans to intensify the development of the gas chemical industry. Deputy Prime Minister for the Fuel and Energy Complex Maksat Babayev made such a statement during the presentation of a number of specific projects to the government members. In particular, there will be reconstructed the natural gas processing plant and the facility for production of liquefied gas located at the Bagadzha deposit (Lebap Province).


On June 20, Ashgabat hosted a regular meeting of the Security Council of Turkmenistan chaired by President Gurbanguly Berdimuhamedov. The main theme of the event was developing transport corridors and ensuring international transport security. As noted during the meeting, taking into account Turkmenistan's geographical location and sufficiently high rates of development of its national economy, in the future the country can become a transcontinental strategic link that connects the economic systems of several regions.



On June 20, the universal exhibition “International Economic Cooperation 2017” opened in Ashgabat. Its purpose is to demonstrate the opportunities of the Turkmen market and the prospects for cooperation of enterprises of various industries. The event was organized by the Chamber of Commerce and Industry. More than 80 state and private enterprises, companies and organizations were the participants of the exhibition. Of them, 56 companies were foreign and represented 20 countries.



According to the experts of the International Monetary Fund, this year the volume of Turkmenistan's gross domestic product will increase by 6.5 percent. This forecast of the growth of the Turkmen economy was published by the international financial regulator on the basis of the results of the IMF delegation's working visit to the country, as well as on the results of the consultations of the Fund's representatives with their Turkmen counterparts in late May.


In 2016, Turkmenistan reduced its natural gas production for the first time in seven years: from 69.6 to 66.8 billion cubic meters or by about 4 percent as compared to the 2015 indicator. Such figures are given in the BP annual statistical survey that was recently published in the media. Worth recalling, the previous drop in production occurred in 2009, when the relations between Turkmenistan and Russia aggravated, which led to the stagnation of the country's gas sector.


During the first five months of 2017, the factories of the Turkmenbashi oil refinery complex in the cities of Seydi and Turkmenbashi (Turkmenistan) fulfilled the plan for the supply of oil products by 103.5 percent and processed over 2.7 million tons of oil. In physical terms, the volume of oil refining exceeded the target figure by 92,000 tons. Since the beginning of 2017, the company produced approximately 842,000 tons of gasoline of all brands, about 835,000 tons of diesel fuel and 67,400 tons of liquefied gas. All these figures are higher than the planned level of production.


Turkmenistan has begun this year's harvest campaign in Balkan, Akhal, Mary and Lebap provinces of the country. According to the forecast, not less than 1.6 million tons of grain will be harvested from 760,000 hectares of winter crops. Of this volume, it is planned to harvest 450,000 tons in Akhal Province, 380,000 tons in Mary Province, 350,000 tons in Lebap Province, 300,000 tons in Dashoguz Province and 120,000 tons in Balkan Province.



On June 3-4, the Turkmen capital hosted the international exhibition “Turkmen Textile 2017.” It included 56 expositions of various types of textile products. This event was timed to coincide with the Day of Textile Industry Workers of Turkmenistan. Its participants were 26 enterprises that are part of the structure of the Ministry of Textile Industry. In addition, 67 foreign companies represented their expositions, including such well-known ones as Thies, Trützschler and Saurer Schlafhorst (Germany), Bezema and Rieter (Switzerland), Savio and Marzoli (Italy).


During the first five months of 2017, Turkmenistan's economy demonstrated high growth rates. Deputy Prime Minister for Finance and Economics B. Khojamammedov made this statement during the government meeting on June 2, which was devoted to the results of the country's socioeconomic development.


The capital of Turkmenistan has hosted the forum of the International Energy Charter held under the motto “Towards a framework multilateral agreement on the transit of energy resources.” Its agenda contained a wide range of issues related to the current state of world energy and the prospects for its further development, as well as the formation of a new architecture of the global energy security system.