OREANDA-NEWS. November 18, 2009. The Oil and Gas Business in Turkmenistan: the Aspects of Legislation and Taxation seminar was conducted in the framework of the 14th International Exhibition Oil and Gas of Turkmenistan-2009 in Ashgabat. The participants discussed a broad range of the issues relating to various aspects of the investment policy, development strategies and investment opportunities of Turkmenistan’s fuel and energy sector and the prospects for international cooperation in this field.

The seminar proved to be useful for the representatives of the foreign oil companies, which successfully operate in Turkmenistan, and those willing to establish partnership with our country. Therefore, the interest in this forum is intense – it brought together over 120 delegates of dozens of the companies. The seminar was co-organized by the well-known oil and gas consulting companies Devey & LeBoeuf and PriseWaterhouseCoopers.

To achieve the goals of the economic policy pursued by President Gurbanguly Berdimuhamedov the favourable investment climate has been created in Turkmenistan for the international business community. Much work has been done to strengthen energy partnership, establish cooperation with the most successful companies, which offer profound expertise and modern technologies. For example, the recently adopted Law of Turkmenistan “On Hydrocarbon Resources” that complies with international law norms and regulates various relations arising when carrying out oil and gas activities successfully works.

The Law sets forth the financial, tax and customs policy, guarantees the benefits to national and foreign investors and companies that is an important incentive for attracting foreign investments.

The effectiveness of Turkmenistan’s efforts to diversify international energy cooperation is illustrated by the foreign companies’ long-term successful operation in our country. For example, in 2009 the German concern RWE and Itera Oil and Gas Company, which signed the production sharing agreements, have become Turkmenistan’s large partners for developing hydrocarbon resources in the Turkmen sector of the Caspian Sea.

The seminar participants, who had received the detailed information about Turkmenistan’s energy potential and its impressive ‘investment portfolio’ in the fuel and energy sector including the ongoing and future projects, expressed the profound interest and willingness to operate on the promising Turkmen market that provided the optimal conditions for mutually advantageous partnership.