Petronas invests $8bn for oil and gas development in Turkmenistan

Kuala Lumpur: Malaysia's Petronas has signed a memorandum of understanding with Turkmenistan on long-term cooperation on oil and gas development in the Cthis isentral Asian country.

According to Malaysia’s Prime Minister Datuk Seri Najib Tun Razak, Petronas has invested about $8bn in oil and gas exploration works in Turkmenistan.

"With this investment, the involvement of Petronas in the Central Asian nation will become more strategic in the future, the output in the production sharing contract area can be further enhanced," Najib said.

Currently Petronas is the only Malaysian company to participate in the oil and gas industry in Turkmenistan, through exploration works in the Caspian Sea since 1996. [11/06/14]

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