Economy
Work continues to expand the Goturdepe field in Turkmenistan
21.06.2025Active geological exploration continues in Turkmenistan, contributing to the growth of strategic raw material reserves and strengthening the country's resource potential. One example is the Goturdepe field, where specialists from the ‘Lebapnebitgazgözleg’ expedition of the ‘Türkmengeologiýa’ State Concern are conducting intensive exploration and prospecting work, according to the internet resource TerraNews. As a result of work on well No. 1907, which is 3,975 metres deep, commercial flows of oil and gas condensate — valuable hydrocarbons for the country's fuel and energy complex — were obtained at a depth of 3,658–3,664 metres. Drilling of well No. 1908 is currently continuing. These successes complement the efforts of the State Concern ‘Türkmennebit’ to efficiently use hydrocarbon resources and strengthen the country's position in the regional energy market.
The Foreign Economic Affairs Bank of Turkmenistan received a ‘BB-stable’ rating from Fitch Ratings
21.06.2025Deputy Prime Minister of Turkmenistan Hojamyrat Geldimyradov reported on the activities of the State Bank for Foreign Economic Affairs of Turkmenistan (TFEB) in obtaining an international rating from Fitch Ratings (UK) during a government meeting on 20 June. This was reported by the state news agency TDH. On 16 June, the bank received a ‘BB-stable’ rating. The agency noted the country's high level of financial stability, significant insurance reserves and high solvency of TFEB, which is one of the largest banks in Turkmenistan. After hearing the report, President of Turkmenistan Serdar Berdimuhamedov emphasised the significance of this event for strengthening Turkmenistan's international financial image and instructed the Deputy Prime Minister to continue work in the field of foreign economic activity.
Turkmenistan among top three countries with highest investment inflows in Central Asia
21.06.2025According to the World Investment Report 2025 prepared by the United Nations Conference on Trade and Development (UNCTAD), Turkmenistan attracted $1.6 billion in foreign direct investment in 2024, ranking second in Central Asia in terms of net capital inflows. This was reported by the online resource TerraNews. The document analyses both inflows and outflows of investment, which allows for an objective assessment of the level of interest of foreign investors in the region's economies. Turkmenistan showed steady investment growth and continued interest from foreign partners. Uzbekistan ranked first among Central Asian countries in terms of FDI inflows, with $2.8 billion. It is followed by Turkmenistan ($1.6 billion), Kyrgyzstan ($705 million) and Tajikistan ($291 million).
Plans for the development of the oil and gas sector presented in Turkmenistan
21.06.2025Deputy Chairman of the Cabinet of Ministers of Turkmenistan Batyr Amanov reported on the activities at oil and gas fields managed by the ‘Türkmennebit’ State Concern during a government meeting on 20 June. This was reported by the state news agency TDH. The Deputy Prime Minister announced measures for the further development of the fields, including the supply of electricity to the recently discovered Uzynada field. This will also provide electricity to neighbouring facilities. A corresponding proposal was submitted to the President of Turkmenistan, Serdar Berdimuhamedov, for consideration. After hearing the report, the Head of State approved the initiative and instructed B. Amanov to organise the necessary work, emphasising the importance of conditions for the development of new hydrocarbon reserves.
Turkmen petrochemicals are in high demand at SCRMET
21.06.2025At the State Commodity and Raw Materials Exchange of Turkmenistan on 20 June, Turkish businessmen purchased dry extract of licorice root from Turkmen entrepreneurs. This was reported by the website of the SCRMET. According to the source, representatives of Turkmenistan's business circles purchased co-extruded packaging film from the State Concern ‘Turkmennebit’ on the domestic market. Turkmen entrepreneurs also concluded a deal with the Ministry of Textile Industry to purchase cotton yarn. The total value of the deals concluded during the auction amounted to approximately 451,500 US dollars and more than 14.45 million manat.
Turkmenistan improves customs technologies with support from UN experts
21.06.2025From 10 to 19 June 2025, the State Customs Service of Turkmenistan successfully held a specialised training seminar on modern approaches to risk management. The event was organised as part of the implementation of the strategic programme for the development of customs authorities until 2028. This was reported by the online publication ‘Turkmenistan: Golden age’. Experienced experts from the United Nations Conference on Trade and Development (UNCTAD), Grigore Varanita and Dorin Purice, shared international best practices with participants. The intensive training covered topical issues of digitalisation of customs processes, including the use of the ASYCUDA automated system and modern data analysis methods to improve control efficiency. Final testing confirmed the high level of professional training of Turkmen customs officers and their readiness to implement innovative solutions in their daily practice.
Turkmen delegation studied best practices in energy-efficient refrigeration equipment
21.06.2025On 18 June, an international conference dedicated to the transition to energy-efficient refrigeration systems using environmentally friendly refrigerants concluded in Mytishchi, near Moscow. A Turkmen delegation, including representatives of key ministries, scientific institutions and private companies, took an active part in the event. This was reported by the online publication ‘Turkmenistan: Golden age’. During the conference, experts from Russia and Belarus shared their experience in introducing natural refrigerants that comply with the requirements of the Montreal Protocol and the Kigali Amendment. UNIDO experts presented best practices for the transition to climate-neutral technologies. Turkmen participants familiarised themselves with Russian regulatory documents and methodological recommendations in this area. The conference programme included practical excursions to production facilities where modern environmentally friendly solutions are already being applied. The event concluded with training in safety techniques for working with natural refrigerants and the presentation of certificates to participants.
The first freight train from Jinhua will transit through Turkmenistan
20.06.2025The first freight train from the Chinese city of Jinhua (Zhejiang Province) departed for the Turkmen port of Turkmenbashy, marking the start of a new route within the Trans-Caspian International Transport Corridor. This was reported by the online publication ‘Business Turkmenistan’. The train, consisting of 100 standard containers with clothing, accessories, metal products and other goods, will cross the border at the Khorgos checkpoint, pass through Almaty, Tashkent and Ashgabat, and end its journey in Turkmenistan. The cargo will then be delivered by sea to the port of Baku on the Caspian Sea. The new route is aimed at reducing the load on the Kazakh port of Aktau and speeding up logistics between China, Central Asian countries and Central and Eastern Europe.
Astrakhan companies intend to enter the Turkmen market
20.06.2025The Astrakhan delegation handed over to Turkmenistan a list of companies interested in entering the local market. Issues of expanding cooperation were discussed at a meeting of the intergovernmental commission of the Russian Federation and Turkmenistan, held within the framework of the St. Petersburg International Economic Forum. This was reported by the online publication ‘Business Turkmenistan’. The meeting was attended by Deputy Chairman of the Cabinet of Ministers of Turkmenistan Nokerguly Atagulyev, Governor of the Astrakhan Region Igor Babushkin and Deputy Prime Minister of the Government of the Russian Federation Marat Khusnullin. The parties discussed the growth of trade and joint projects. In 2024, trade between the Astrakhan Region and Turkmenistan increased by 15%. Food products and grain make up the bulk of exports from Russia, while textiles are the main export from Turkmenistan. Special attention was paid to the transport sector. Igor Babushkin, Governor of the Astrakhan Region, proposed launching regular shipping between the ports of Astrakhan and Turkmenbashy and creating a Turkmenistan logistics centre in the region. He emphasised that the region's infrastructure allows it to handle any type of vessel and cargo, making it an important hub for bilateral trade.
Chairman of the State Concern ‘Turkmengaz’ held a meeting with the Secretary General of the GECF
20.06.2025On 18 June, a meeting between GECF Secretary General Mohamed Hamel and State Minister, Chairman of the State Concern ‘Turkmengaz’ Maksat Babayev took place at the headquarters of the Gas Exporting Countries Forum in Doha. This was reported by the news agency Orient. M. Hamel thanked Turkmenistan for its active participation in the Forum and noted its key role in the creation of the GECF. He emphasised the strategic importance of Turkmenistan as one of the largest gas reserves holders and highlighted the ‘Galkynysh’ and TAPI projects as the basis for increasing production to 150 billion cubic metres by the middle of the century. M. Babayev, in turn, informed about plans to modernise the gas industry and introduce AI and machine learning to improve the efficiency and environmental friendliness of production. He also reported on the preparation of digital and ‘green’ programmes in the energy sector. At the end of the meeting, the parties confirmed their commitment to deepening cooperation, and Turkmenistan invited the GECF to the OGT-2025 conference, which will be held in Ashgabat in October.
Turkmenistan and Russia discussed expanding economic cooperation at the SPIEF
20.06.2025As part of the St. Petersburg International Economic Forum, talks were held between the Deputy Prime Ministers of Turkmenistan and Russia, Nokerguly Atagulyev and Marat Husnullin. The Russian representative noted the dynamic growth in trade between the countries, which increased by 21.4% in the first quarter of 2025, and confirmed the development of a joint action plan for 2025-2027. This was reported by the Ministry of Foreign Affairs of Turkmenistan. During the talks, attention was paid to the development of transport corridors, including routes through Turkmenistan to China, the implementation of infrastructure projects (the Volga-Caspian Canal, the ‘Eastern Bypass of the Caspian Sea’), deepening cooperation in energy, industry and agriculture, and expanding cultural exchanges and educational programmes. The parties noted the significance of the participation of the National Leader of the Turkmen people, Gurbanguly Berdimuhamedov, in the recent KazanForum, which underscores the special level of inter-state relations. The interlocutors confirmed their intention to develop a strategic partnership based on mutual trust and common interests.
Turkmenistan and Afghanistan develop transport partnership
20.06.2025On 18 June, Turkmenistan's Ambassador Extraordinary and Plenipotentiary to Afghanistan, Hoja Ovezov, met with Afghanistan's Acting Minister of Transport and Civil Aviation, Mawlawi Hamidullah Akhundzada. This was reported by the online resource TerraNews. According to the source, during the talks, the Afghan side expressed its readiness to intensify cooperation, noting the favourable conditions for increasing cargo traffic. Among the topics discussed was the simplification of visa procedures for Afghan drivers, which should contribute to the development of road transport. The Turkmen ambassador confirmed his country's interest in deepening the partnership, especially in the areas of logistics and trade.
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