Saudi Arabia eyes investments in Turkmenistan, says Al-Falih

Saudi Arabia is eying possible investments in Turkmenistan, which presents various opportunities for several major companies in the Kingdom, energy minister Khalid Al-Falih told Al Arabiya on Wednesday.

There are areas of investment in Turkmenistan for top Saudi companies, such as Saudi Basic Industries Corp (SABIC), Saudi Arabian Mining Co. (Maaden) and state-run Saudi Aramco which seeks global oil and gas investments.

“Aramco is looking at any possibility for investment in oil and gas production globally, including countries overlooking the Caspian Sea, and Turkmenistan as I mentioned is among the countries that have the most reserves, especially in gas,” Al-Falih said.

Falih added that the Saudi Industrial Development Fund (SIDF) will support the TAPI natural gas pipeline, built by Turkmenistan across Afghanistan, Pakistan and India.

The project will receive materials made in Saudi Arabia, the minister said, adding that SIDF also will offer the financing support required.

“An exchange of expertise with Saudi Aramco to lay major pipelines will be one of the areas of cooperation we discussed today with Turkmenistan,” Falih added.