A Memorandum of Understanding on mutual cooperation to develop partnership in the field of natural gas was signed on Friday in Antalya, Turkey, between the state-owned concern Turkmengaz and the Turkish Ministry of Energy and Natural Resources, the Turkmenistan's state agency reports.
The signing ceremony took place during the working visit of the Chairman of the Turkmen People's Council, Gurbanguly Berdimuhamedov, after his meeting with Turkish President Recep Erdogan. An intergovernmental Declaration of intent on cooperation in the field of hydrocarbon resources was also signed.
According to the Turkish president's press service, Erdogan expressed the necessity to intensify reciprocal steps that will benefit both countries in all areas, and to increase efforts to raise bilateral trade volume to $5bn.
Turkmenistan has the world's fourth largest natural gas reserves and is home to the world's largest onshore gas field, Galkynysh. A 300km pipeline across the Caspian Sea could link Turkmenistan to the Southern Gas Corridor (SGC), which supplies Azerbaijan with gas to Europe via Turkey.
Experts told Daryo that the project could increase the competitiveness of the SGC and contribute significantly to the creation of a gas hub in Turkey's Thrace region. Working groups from both countries are also studying the possibility of supplying Turkmen gas to Turkey via Iran on a reimbursable basis.
In addition to the European direction, Ashgabat is promoting the idea of a gas pipeline project to South Asia as a diversification measure. At present, Turkmen gas is purchased by China, the main importer, Russia and Uzbekistan.
Eziz Boyarov
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