Saudi Arabia eyes investments in Turkmenistan, including gas, says Falih

Saudi Arabia Minister of Energy, Industry and Mineral Resources Khalid Al-Falih expressed the Kingdom's invitation to Turkmenistan to join the Organization of Petroleum Exporting Countries (OPEC) and the latter's acceptance, adding that Turkmenistan would join OPEC as an observer and would join the World Energy Forum hosted by Riyadh.

In an interview with Al Arabiya on the sidelines of the meetings of the Saudi-Turkmen Joint Committee, Al-Falih pointed out to the leading investment fields of SABIC, Ma'aden and Aramco interested in investment opportunities in Turkmenistan by looking at several future projects.

“There are areas of investment for leading companies in Saudi Arabia in Turkmenistan,” Falih told Al Arabiya.

“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.

TAPI pipeline

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.

(with Reuters)