President of Turkmenistan chaired a meeting with the high-ranking officials of the oil and gas ministries and departments to consider the priority issues of development of Turkmenistan’s fuel and energy sector.

Opening the meeting the Turkmen leader noted that oil and gas industry was the leading sector of national economy that profoundly contributed to the country’s development, improvement of the people’s wellbeing. Having the huge reserves of hydrocarbon resources Turkmenistan demonstrated a constructive approach to effective implementation of its giant energy potential on the basis of the national interests and for the benefit of the other peoples.

The most important aspect of Turkmenistan’s energy policy formed on the basis of the worldwide trends, the current state of the world energy markets was diversification of international co-operation traditionally built on equality and mutual benefit. Stability, favourable investment climate and laws liberal for business activity promoted intensifying partnership with the world’s leading companies.

The President said that another significant step to achieve these goals was the new Law of Turkmenistan “On Hydrocarbon Resources”. Meeting the universally recognized international law norms, the objectives and requirements of the ongoing reforms in the country it would offer a powerful incentive to attract foreign investments, latest technologies, scientific and technological advances in the sector. In whole, all of these would enable to bring Turkmenistan’s fuel and energy sector up to a higher level, to enhance the country’s position in the world economic system.

Speaker of the Mejlis A. Nurberdieva reported on the lawmaking activities of the Turkmen Parliament. In particular, A. Nurberdieva said that the new Law had been drafted in compliance with the tasks set by the Turkmen leader to create the conducive legal environment for the ongoing progressive reforms and social and economic transformations.

Noting that the new Law of Turkmenistan “On Hydrocarbon Resources” had aroused keen interest among oil and gas experts Vice Premier T. Tagiev reported on the designated measures to put the document of paramount importance for oil and gas industry into effect.

Vice Premier H. Geldimyradov reported on the financial and economic aspects of the new legislative act.

Commenting on the reports Gurbanguly Berdimuhamedov emphasized that the new Law of Turkmenistan “On Hydrocarbon Resources” had become an important step towards further development of the national fuel and energy complex, multivector international energy co-operation, creation of the favourable investment climate and effective legal environment regulating the activity of foreign partners in the country.

Touching upon the main provisions of the statutory act the President emphasized that the new Law enhanced the role of the State Agency for Hydrocarbon Resources Management and Use under President of Turkmenistan standing as an independent economic player.

Emphasizing that further improvement of the structure and management of the energy complex was a key condition for increasing effectiveness of oil and gas industry the President issued the Resolution “On the Issues of the State Agency for Hydrocarbon Resources Management and Use under President of Turkmenistan”.

The Turkmen leader noted that the document concretized the status of the Agency responsible for managing and using the country’s hydrocarbon resources.

Specifying the scope of responsibility of the State Agency for Hydrocarbon Resources Management and Use under President of Turkmenistan Gurbanguly Berdimuhamedov appointed Ya. Kakaev Director of the State Agency.

The President relieved B. Khojamukhammedov from the post of Minister of Oil and Gas Industry and Mineral Resources of Turkmenistan and appointed him Chairman of the Turkmengaz State Concern. Deputy Minister of Oil and Gas Industry and Mineral Resources of Turkmenistan B. Nedirov was appointed Acting Minister of Oil and Gas Industry and Mineral Resources of Turkmenistan.

In conclusion the President focused on the exceptional importance of the designated goals and tasks to develop oil and gas industry which were to ensure effective use of the country’s hydrocarbon wealth for the benefit of the Turkmen people and wished success to those present.