OREANDA-NEWS. September 10, 2008. The potential, priorities and key trends in development of the fuel and energy sector – a basic segment of the national economies of Turkmenistan and Azerbaijan are the focus of the Oil and Gas Potential of Azerbaijan and Turkmenistan: Energy, Economy, Ecology. Co-Operation Strategy International Conference in Baku.

The exhibition anticipated the large-scale oil and gas forum held in the capital of the Republic of Azerbaijan under the top level agreements. The exposition arranged on one of the floors of the magnificent Gulistan Palace vividly demonstrated the profound energy and economic potential of the neighbouring countries laying the reliable foundation for long-term co-operation in the strategic oil and gas sector.

The Exhibition showcased the impressive success of both countries that had displayed the accomplishments of the leading oil and gas and service companies and enterprises. The pavilions and stands of Turkmenistan’s oil and gas industry represented by the State Concerns Turkmengaz, Turkmennebit, Turkmennebitgazgurlushyk, the Turkmengeologiya State Corporation, the Ministry of Oil and Gas Industry and Mineral Resources occupied a half of the exhibition area. The exposition presented by Turkmenbashi oil refineries – the largest enterprise of this type in the region symbolizing our country’s unprecedented achievements was of keen interest to the visitors.

The oil and gas specialists of Turkmenistan and Azerbaijan and their potential partners held the substantial talks on the opportunities of co-operation built on the long-term and mutually advantageous basis during the international conference arranged under the patronage of the governments of Turkmenistan and Azerbaijan.

President of Turkmenistan Gurbanguly Berdimuhamedov and President of the Republic of Azerbaijan Ilham Aliev addressed the welcoming statements to the forum participants. The heads of the delegations Chairman of the Turkmengaz State Concern B. Khojamukhammedov and First Deputy Prime Minister of Azerbaijan Ya. Eyubov.

Focusing on paramount significance of this forum President of Turkmenistan Gurbanguly Berdimuhamedov in the welcoming statement said that the joint international exhibition and conference were called upon to demonstrate the potential of both countries as the dependable partners as well as their willingness to develop and consistently enhance strategic fuel and energy co-operation meeting the interests of two fraternal peoples.

“We are at the threshold of a new stage of co-operation in such an essential sphere determining further progress of the world community as energy,” the Turkmen leader noted expressing belief that the exhibition and conference would enable to have a clearer view of the unlimited opportunities of partnership, to specify the trends and fields of harmonizing the mutual interest.

Participation of Minister of Energy and Natural Resources of Turkey Hilmi Guler, Minister of Development of Greece Christos Folias, US Special Envoy for Eurasian Energy Boyden Gray and Coordinator for Eurasian Energy Diplomacy Steven R. Mann and other honorary guests who had highly appreciated the initiative to hold the joint forum testified to paramount significance that the global political and business communities attached to the meeting. The reputable representation at the forum that brought together the representatives of the international energy agencies, largest financial organisations and foreign companies from over 30 countries in Baku evidenced best of all the world business’s intense interest in establishing close and fruitful collaboration with Turkmenistan and Azerbaijan that was conditioned by both countries’ huge hydrocarbon resources as well as the fundamental, deep reforms implemented and going on in the neighbouring countries’ economies.

The heads of the Turkmen fuel and energy subdivisions presented the reports on the key aspects of the national policy aimed at attracting foreign investments, the existing potential of oil and gas industry in whole and the possible forms of international co-operation in all trends in development of science including exploring and extracting hydrocarbon resources hydrocarbon, developing the Turkmen shelf in the Caspian Sea, modernizing processing industries, developing pipeline infrastructure, etc.

The reports were of particular interest to the top managers of the well-known oil and gas and service companies who confirmed that the international business circles thoroughly studied and considered the opportunities of operating on the very promising Turkmen market and stood ready to offer their profound experience, advanced technologies and solid investments to Turkmenistan.

The conference participants discussed the key trends in collaboration in the international and regional investment projects and the opportunities of co-operation in the interrelated spheres such as science, education and ecology.