OREANDA-NEWS. December 23, 2009. The ceremony of opening the new office building of the Itera International Group of Companies was held in Ashgabat. The Russian government delegation of Russia, who had arrived in Ashgabat within the framework of the working visit of President of the Russian Federation Dmitriy Medvedev to Turkmenistan, took part in the ceremony that vividly illustrated active economic cooperation between the friendly countries.

The four-storey office is constructed on Neutrality Avenue. It consists of two buildings – the office building for the specialists of the Itera branches and partner companies and a hotel for businessmen.

For over 16 years Itera ranks among of the leading partners of Turkmenistan in implementing the investment projects in various sectors of the national economy.

The priority field of Itera’s investment activity in Turkmenistan is the fuel and energy complex. As is known, this September Itera signed the production sharing agreement with the State Agency for Hydrocarbon Resources Use and Management under the President of Turkmenistan for development offshore block 21 in the Turkmen sector of the Caspian Sea in Turkmenbashi town in the presence of President of Turkmenistan Gurbanguly Berdimuhamedov and RF President Dmitriy Medvedev. In 2010 large-scale exploration works to discover oil and gas reserves in the contract area will be started.

Developing cooperation with the Turkmengas State Concern the Russian Company constructs a 200-km gas pipeline in Central Karakum as a key contractor. This gas artery will connect a number of abundant deposits located in the centre of the Turkmen desert with the Yylanly gas-compressor station and the gas-main pipeline that supply ‘blue fuel’ to the north.

The projects on construction of the social and cultural facilities make up a considerable part of the Itera’s investment ‘portfolio’ in Turkmenistan. Thus, this spring the company constructed and put the sports complex into operation in Turkmenabat. Among the other facilities constructed by Itera are the high-class hotel in Avaza national tourism zone, the hippodromes in Balkan and Lebap Velayats.

The new office building constructed in the northern part of the Turkmen capital vividly illustrates the company’s confidence in the great prospects of the Turkmen market and Turkmenistan’s rapidly increasing economic strength.