Turkmenistan expect increase in investments into development of oil reserves in the Caspain Sea in 2014

Turkmenistan, which is the fourth in the world in natural gas reserves, hopes to attract more than $3 billion of direct foreign investments into the development of oil reserves in the Caspian Sea this year. Yagshigeldy Kakaev, head of the State Agency for Management and Use of Hydrocarbon Resources under the President of Turkmenistan said at the Vth International Gas Congress in Avaz on Wednesday.

Turkemen oil is now produced by Malaysian Petronas and Dragon Oil, which is listed at the London and Irish Stock Exchanges; and the German RWE, the Russian Itera and Buried Hill, which headquarters is in Cyprus, carry out exploration of one shelf, the Reuters reports.