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Turkmenistan, Italy mull business partnership prospects

09 July 2019 [16:31] - TODAY.AZ

By Trend

Turkmen Foreign Ministry hosted a meeting with Vice-President of the Italian Chamber of Deputies Ettore Rosato, Trend reports with reference to the ministry.

The sides discussed prospects for the development of Turkmen-Italian cooperation in the political, trade and economic fields. The parties also considered the issue of enhancing interaction between the business circles of the two countries.

In addition, representatives of the two countries agreed to deepen the partnership in many promising areas of cooperation as part of the EU-Central Asia dialogue, the report said.

According to the State Statistics Committee of Turkmenistan, the country's exports to Italy increased over 10 times in January 2019 compared to January 2018.

In recent years, foreign trade turnover with Italy amounted to about $1.5 billion annually, with a significant predominance of Turkmen exports. The two countries call the key vectors of increasing interstate cooperation in the fuel and energy sector, trade, transport and communications, and agriculture. The presence of Italian business in the oil and gas sector is noticeable.

In November 2014, Eni company extended its activity in Turkmenistan within Production Sharing Agreement (PSA) for 10 years. This refers to oil and gas bearing contract area of more than 1,000 square kilometers in Balkan region of the country.

The company also expressed its interest in exploration of offshore blocks 19 and 20 in Turkmen sector of Caspian Sea with reserves of more than 500 million tons of oil and 630 billion cubic meters of natural gas.


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