On April 24, a Memorandum of Understanding was signed between the State Concern "Turkmennebit" and the company "PETRONAS Carigali (Turkmenistan) Sdn. Bhd" within the framework of the International Forum to Attract Foreign Investments in Turkmenistan’s Economy (TEIF 2025).

This document regulates the conduct of work on five offshore exploration blocks located in the Turkmen sector of the Caspian Sea.

During the plenary session of the forum, the President and Group Chief Executive Officer of PETRONAS, Tengku Muhammad Taufik Tengku Kamadjaja Aziz, noted the growing strategic significance of Turkmenistan as a key center of global energy and emphasized the long-term and fruitful cooperation between the Malaysian company and Turkmenistan.

PETRONAS has been operating in Turkmenistan for almost 30 years, with significant milestones including the signing of the first Production Sharing Agreement for an offshore area and the commissioning of a gas processing plant and terminal in Kiyanly, which has a design capacity of 5 billion cubic meters of gas and 2.4 million tons of gas condensate per year.

The parties confirmed their mutual commitment to developing a partnership in the oil and gas industry and in the field of investments, based on the principles of equality and mutual benefit, in accordance with the norms of international law and the legislation of both countries. They also took into account their shared interest in the effective long-term attraction of investments in the exploration, development, extraction, preparation, processing, collection, handling, transportation, marketing, and sale of hydrocarbon resources.