Saudi eyes investments in Turkmenistan

Saudi Arabia’s energy minister said on Wednesday that Turkmenistan presents investment opportunities for Saudi companies such as oil company Aramco which is looking at investing in oil and gas globally.

“There are areas of investment for leading companies in Saudi Arabia in Turkmenistan,” Khalid al-Falih told the Saudi-owned Al Arabiya television channel naming Saudi Basic Industries Corp (SABIC), mining firm Ma’aden and Saudi Aramco.

“Aramco is looking at any possibility for investment in oil and gas production globally, including countries overlooking the Caspian Sea, and Turkmenistan as I mentioned is among the countries that have the most reserves, especially in gas,” he said.

Falih, speaking after meeting with officials from Turkmenistan, Central Asia’s biggest gas exporter, said memoranda of understanding (MOUs) will be signed and financing support from the Saudi Industrial Development Fund.

He said that the kingdom also “supports” the TAPI pipeline, a natural gas pipeline that Turkmenistan is building through Afghanistan to Pakistan and India.

The project will receive materials made in Saudi Arabia, said Falih, who is also the minister of industry and mineral resources and chairman of Aramco.

“An exchange of expertise with Saudi Aramco to lay major pipelines will be one of the areas of cooperation we discussed today with Turkmenistan,” Falih said.