Monday, 16 August 2010

Turkmenistan raises borrowing from China to $8.1 billion

Turkmenistan's government has increased borrowing from China to $8.1 billion, to fund major developments in the Turkmenistan gas industry.

According to a number of national sources, Turkmenistan's President Gurbanguly Berdymuhamedov instructed gas industry leaders to hold negotiations with the State Development Bank of China (SDBC) for a preferential loan in the amount of $4.1 billion, to be used to further develop a field in Southern Eloten. China has already allocated Turkmenia $4 billion for realisation of the first stage of development of the field.

Earlier in the year, Turkmenistan's government granted licenses to ConocoPhillips and Mubadala Development Co for development of Block 21 in the Turkmen sector of the Caspian Sea.

Source: ABC Azerbaijan

For more news and expert analysis about the Caspian region, please see Caspian Focus.

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