The first refinery belonging to a foreign company appeared in Turkmenistan
RusEnergy reports that foreign companies drew the conclusion that it is possible to make a profit in Tajikistan refining oil and not just developing oil and gas fields and exporting raw materials.
This investment policy clearly pleases the local authorities. Dragon Oil, a company registered in Ireland but controlled by Emirates National Oil Corporation Company Limited from Dubai by 52%, built a refinery in Turkmenistan. This is the first refinery in the country that belongs to a foreign business.
Annual capacity of the refinery is 2.5 million tons of oil and crude naphtha. All end products will be exported. The refinery will be using oil and gas extracted within the framework of Project Bloc'2 (three fields containing approximately 50 million tons of oil and 25 billion cubic meters of gas).
Dragon Oil has been pondering construction of a refinery since the late 1990's. The investor has finally found a successful combination of its own interests and the Tajik government's. Refining and chemistry and related projects have been in the focus of the government these last several weeks.