Turkmenistan sets up NAPECO to coordinate oil and gas sector

Turkmenistan sets up NAPECO: Turkmenistan’s President Gurbanguly Berdymukhamedov today approved the foundation of the National Oil and Gas Company (NAPECO), a state-run organisation that will take control of the country’s hydrocarbon exploration, drilling and production operations as well as all the sector’s international activities.  “NAPECO will facilitate the sector’s competitiveness and will help it to implement the large-scale projects needed to capitalise on Turkmenistan’s  colossal resources and investment opportunities,” he said. Estimates of Turkmenistan’s total currently stand at 71.21 billion metric tonnes of fuel equivalent and hydrocarbons account for 70% of the country’s GDP.  The new  company will take over responsibility for all the country’s existing agencies operating in the oil and gas sector, including Turkmengaz, Turkmennebit, Turkmengeology and the Turkemenbashi oil refineries. ITAR-TASS