Saudi Development Fund invests in the TAPI project
Saudi Arabia puts considerable amount of investment in the construction of the TAPI gas pipeline. Financial resources for TAPI have been allocated by the Saudi Development Fund due to the agreements reached during the official visit of the President of Turkmenistan to the Kingdom of Saudi Arabia in May 2016, according to Babayev M., the vice premier in charge of the fuel and energy complex.
Having heard the information President Gurbanguly Berdimuhamedov stated the progressive dynamics of the implementation of the TAPI project, the implementation of which was of great importance in the context of the formation of a new architecture of global energy security, creating conditions for universal sustainable development.
President of Turkmenistan Gurbanguly Berdimuhamedov noted that the construction of the TAPI gas pipeline, through which long-term natural gas would be supplied to the largest countries of South-East Asia, would give a powerful impetus to the economic development of the region, contribute to solving social and humanitarian issues, and strengthening peace and stability.
It was stressed that this year would start the construction of the Afghan section of the pipeline, as well as a number of other facilities, which would form the part of the infrastructure of the new energy highway.
According to the Head of the state, the investments allocated by the Saudi Development Fund indicated a great interest in the construction of TAPI the foreign investors who highly appreciated the relevance and potential of this project, its profitability and payback.
Turkmenistan and Saudi Arabia are among the world's states with huge reserves of natural resources, which create favorable conditions for expanding interstate cooperation both in the fuel and energy sector and in other sectors, – said the Head of the state.