ID :
31507
Fri, 11/21/2008 - 17:47
Auther :
Shortlink :
https://oananews.org//node/31507
The shortlink copeid
PETRONAS` INVESTMENT IN TURKMENISTAN REACHES US$1.8 BLN From Jamaluddin Muhammad
ASHGABAT (Turkmenistan), Nov 21 (Bernama) -- Petronas, Malaysia's national petroleum company, has invested up to US$1.8 billion in the oil and gas industries of Turkmenistan in the past 12 years, said Abdullah Ahmad Badawi.
The Prime Minister said he informed Turkmenistan President Gurbanguly
Berdimuhamedov during their meeting Wednesday that Petronas' presence in the
country was not merely for profit making but to also help the locals as
well.
Petronas has so far given scholarships to 100 local students to study at
the
Universiti Teknologi Petronas in Tronoh, north of capital city Kuala Lumpur,
provided technical training for 180 students here and in Malaysia and job
opportunities for 200 locals in Turkmenistan.
The Malaysian national oil company has also contributed towards the
development of economy in Turkmenistan, Abdullah told Malaysian journalists,
here, Wednesday.
Abdullah has been on a two-day official visit to this former Soviet Union
state which ends Thursday.
The prime minister said Gurbanguly had expressed appreciation of Petronas'
presence and contribution to his country and wanted Malaysian companies to
venture into the telecommunication and agricultural sectors of this Central
Asia country which gained independence from Soviet Union in 1991.
Abdullah said their discussion also focussed on enhancing bilateral ties in
areas such as education and tourism.
Meanwhile, Petronas President and Chief Executive Officer Tan Sri Mohd
Hassan Marican said Petronas Carigali (Turkmenistan) Sdn Bhd operated in Caspian
Sea, 80km South West of Turkmenbashy and produced about 7,000 barrels of oil per
day.
Petronas ventured into this country's oil and gas industry in 1996 and its
oil production began May 2006 with cumulative production totalling 4.8 million
barrels of oil as of last month.
The area has oil reserves of 146 million barrels and gas reserves of 6.4
trillion cubic feet with a contract period of 32 years starting 1996.
Mohd Hassan said the gas project was expected to begin production of 500
million standard cubic feet per day by 2010.
Apart from Turkmenistan, Petronas also ventured into exploration and
production of oil and gas projects in four regions in Uzbekistan since 2004 with
a total investment of US$90 million todate and another US$150 million to US$200
million in the next three years.
Recalling the presence of Petronas in this country 12 years ago, he said
not
many oil companies were interested to venture into the former Soviet Union
state.
Petronas' focus has been on the potential of countries with economies in
transition rather than countries with matured economies, he said.
Not many companies are interested in these economies because of
difficulties in terms of regulations and administration systems which are quite
different but "we would like to turn difficulties into opportunities for the
local people," he said.
Mohd Hassan said venturing into matured economies was also difficult as
other companies would have already established their presence there.
He said Petronas also paid a lot of attention to human capital development
as part of its social responsibility and also that it was cheaper in the long
run to employ locals than bring Malaysians to work in the country.
He admitted that it was not an easy task to operate, for example in
Uzbekistan, due to its extreme weather condition and geographical
factor.
Petronas workers had to experience extreme winter with -40 degree celcius
and summer with 60 degree celcius and even had to use pony to carry their
equipment as certain stretches were not accessible by vehicles, he said.
Abdullah who witnessed Petronas' presentation on its operation in
Uzbekistan described the workers as heroes. "They are our heroes. It is not easy
to get oil."
-- BERNAMA
The Prime Minister said he informed Turkmenistan President Gurbanguly
Berdimuhamedov during their meeting Wednesday that Petronas' presence in the
country was not merely for profit making but to also help the locals as
well.
Petronas has so far given scholarships to 100 local students to study at
the
Universiti Teknologi Petronas in Tronoh, north of capital city Kuala Lumpur,
provided technical training for 180 students here and in Malaysia and job
opportunities for 200 locals in Turkmenistan.
The Malaysian national oil company has also contributed towards the
development of economy in Turkmenistan, Abdullah told Malaysian journalists,
here, Wednesday.
Abdullah has been on a two-day official visit to this former Soviet Union
state which ends Thursday.
The prime minister said Gurbanguly had expressed appreciation of Petronas'
presence and contribution to his country and wanted Malaysian companies to
venture into the telecommunication and agricultural sectors of this Central
Asia country which gained independence from Soviet Union in 1991.
Abdullah said their discussion also focussed on enhancing bilateral ties in
areas such as education and tourism.
Meanwhile, Petronas President and Chief Executive Officer Tan Sri Mohd
Hassan Marican said Petronas Carigali (Turkmenistan) Sdn Bhd operated in Caspian
Sea, 80km South West of Turkmenbashy and produced about 7,000 barrels of oil per
day.
Petronas ventured into this country's oil and gas industry in 1996 and its
oil production began May 2006 with cumulative production totalling 4.8 million
barrels of oil as of last month.
The area has oil reserves of 146 million barrels and gas reserves of 6.4
trillion cubic feet with a contract period of 32 years starting 1996.
Mohd Hassan said the gas project was expected to begin production of 500
million standard cubic feet per day by 2010.
Apart from Turkmenistan, Petronas also ventured into exploration and
production of oil and gas projects in four regions in Uzbekistan since 2004 with
a total investment of US$90 million todate and another US$150 million to US$200
million in the next three years.
Recalling the presence of Petronas in this country 12 years ago, he said
not
many oil companies were interested to venture into the former Soviet Union
state.
Petronas' focus has been on the potential of countries with economies in
transition rather than countries with matured economies, he said.
Not many companies are interested in these economies because of
difficulties in terms of regulations and administration systems which are quite
different but "we would like to turn difficulties into opportunities for the
local people," he said.
Mohd Hassan said venturing into matured economies was also difficult as
other companies would have already established their presence there.
He said Petronas also paid a lot of attention to human capital development
as part of its social responsibility and also that it was cheaper in the long
run to employ locals than bring Malaysians to work in the country.
He admitted that it was not an easy task to operate, for example in
Uzbekistan, due to its extreme weather condition and geographical
factor.
Petronas workers had to experience extreme winter with -40 degree celcius
and summer with 60 degree celcius and even had to use pony to carry their
equipment as certain stretches were not accessible by vehicles, he said.
Abdullah who witnessed Petronas' presentation on its operation in
Uzbekistan described the workers as heroes. "They are our heroes. It is not easy
to get oil."
-- BERNAMA
