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Politics

Malaysia makes $8B oil, gas investment in Turkmenistan

KUALA LUMPUR -- Malaysia has invested $8 billion to boost its oil and gas production in Turkmenistan.

     The investment was unveiled by Prime Minister Najib Razak at the end of his two-day official visit to Ashgabat, the capital of Turkmenistan, last Tuesday, according to state news agency Bernama.

     The prime minister gave no details about the investment. National oil company Petronas has been involved in production sharing contract in the Central Asian country since 1996. Under the agreement, Petronas undertakes exploration works in the Caspian Sea and sells oil and gas to Turkmen Gas, the state-owned gas company of Turkmenistan.

     Petronas' oil and gas exploration business is concentrated in Africa, the Middle East, Central and Southeast Asia, and North America.

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