President of Turkmenistan meets executives of ITERA Company and National Reserve Bank of Russia

President of Turkmenistan Saparmurat Niyazov met with executives of private company Zarit – head of international group of companies ITERA Igor Makarov and chairman of the board of the Russian National Reserve Bank Yuri Kudimov – on September 6.

As the Ashgabat correspondent of Turkmenistan.ru reports referring to the press service of the Turkmen president, the meeting discussed issues related to the preliminary stage of implementation of a joint project on the development of hydrocarbon resources in the Turkmen sector of the Caspian Sea.

Private company Zarit, which was established by ITERA and two Russian companies, Zarubejneft and Rosneft, two years ago, is set to take active part in the development of three offshore fields. The Russian National Reserve Bank will finance the project.

During the meeting Igor Makarov reported to Saparmurat Niyazov on the results of Zarit experts’ work on a draft agreement with Turkmenistan on cooperation in developing these offshore fields. At the same time he once again confirmed all Zarit’s founders great interest in participating in the joint project.

The sides also discussed aspects of the project’s financing by the Russian National Reserve Bank. In this context Yuri Kudimov informed the head of state about progress in fulfilling the exclusive mandate, given to the Bank in May 2004, on debts settlement of certain CIS states to Turkmenistan.

After the meeting Zarit’s leadership told journalists that negotiations with the president of Turkmenistan “helped solve a bulk of issues related to the project’s preparation.” Both guests expressed confidence that the agreement on the development of three promising fields on the Caspian Sea would be signed soon.”

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