Turkmenistan, Canada seek to expand ties

/By Azernews/

By Nigar Abbasova

Turkmenistan and Canada have discussed the prospects for expanding the trade and economic relations, especially, in the oil & gas and transportation fields, the Turkmen Foreign Ministry reported.

This issue was on the agenda during the meeting with Canada’s Extraordinary and Plenipotentiary Ambassador John Holmes held at Turkmenistan’s Foreign Ministry.

The sides exchanged views on the international politics, regional and global security. The meeting participants expressed commitment to further expanding the cooperation in politics. The parties also emphasized the necessity of improving the legal framework between the two countries through regular meetings and consultations as well.

The priority areas of cooperation between Turkmenistan and Canada are trade and energy. Particularly, Buried Hill oil and gas exploration Company is conducting exploratory drilling in the Turkmen sector of the Caspian Sea at licensed Block 3. The production sharing agreement (PSA) was signed in 2007.

The Block III area includes the Serdar field which was discovered in the late 1980s. The Serdar field is situated on the prolific Aspheron sill and contains highly productive hydrocarbon reservoirs. 

Thermo Design Engineering Ltd, which is considered to be one of the leading companies that specializes in petroleum and petrochemical process systems, is a long-time partner of Turkmenistan.

Canadian exports from Turkmenistan in 2014 were mostly in machinery and mechanical products and stood at $13.9 million.