New oil pact between Russia and Turkmenistan

Macau News.Net
Monday 1st September, 2008

Russia and Turkmenistan have signed a deal to develop oil and gas fields and build new pipelines.

The agreement was signed during talks on general economic cooperation.

Turkmen President Gurbanguly Berdymukhamedov, in talks with Russia's Deputy Prime Minister Viktor Zubkov announced major new pipelines in the east of the country, develop new gas deposits and increase the capacity of the pipeline running along the Caspian Sea to 30 billion cubic metres.

Turkmenistan will work in cooperation with Russian gas giant, Gazprom.

Moscow has recently faced increased competition for Turkmenistan's vast gas reserves from both Europe and China.

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