Economy
‘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 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.
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 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.
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