Turkmenistan invites oil sector investment by Indian companies

27 November 2007

Mumbai: Turkmenistan has invited Indian oil companies to acquire stakes in the country''s Caspian shelf oil and gas blocks through production-sharing contracts.

The invitation was extended during a meeting between petroleum minister Murli Deora and his Turkmen counterpart Baimurat Muradov at Asghabat, capital of the country.

The two sides also agreed upon a roadmap to take forward cooperation in various activities in the hydrocarbon sector.

Deora was accompanied by petroleum secretary, heads of public sector oil companies - ONGC, IOC, OVL - along with senior officials of the petroleum ministry and ONGC enroute to Moscow.

Turkmenistan''s onshore oil and gas blocks are still not open for equity participation by foreigners and hence the invitation for the off-shore blocks, an official statement said.

The Turkmen side specifically referred to the joint venture between ArcelorMittal and Oil and Natural Gas Corp (ONGC), which recently acquired 30-per cent stake in two blocks on the Caspian Sea.