Petronas investment in Turkmenistan hits US$1.8b

 

ASHGABAT (Turkmenistan): Petronas has invested up to US$1.8 billion in the oil and gas industries of Turkmenistan in the past 12 years, said Datuk Seri Abdullah Ahmad Badawi.

The Prime Minister said he informed Turkmenistan President Gurbanguly Berdimuhamedov during their meeting yesterday that Petronas’ presence in the country was not merely for profit-making but to also help the locals as well.

Petronas has so far given scholarships to 100 local students to study at the Universiti Teknologi Petronas in Tronoh, provided technical training for 180 students here and in Malaysia and job opportunities for 200 locals in Turkmenistan.

Abdullah has been on a two-day official visit to this former Soviet Union state which ends today.

Meanwhile, Petronas president and chief executive officer Tan Sri Mohd Hassan Marican said Petronas Carigali (Turkmenistan) Sdn Bhd operates in Caspian Sea, 80km South West of Turkmenbashy and produces about 7,000 barrels of oil per day.

Petronas ventured into this country’s oil and gas industry in 1996 and its oil production began May 2006 with cumulative production totalling 4.8 million barrels of oil as of last month.

The area has oil reserves of 146 million barrels and gas reserves of 6.4 trillion cubic feet with a contract period of 32 years starting 1996.

Mohd Hassan said the gas project is expected to begin production of 500 million standard cubic feet per day by 2010. - Bernama