PRODUCTION AND CONSUMPTION TRENDS OF NATURAL GAS OF TURKMENISTAN THE YEARS FROM 2009 TO 2019

Year 2020, Volume: 4 Issue: 4, 237 - 244, 07.11.2020

Arslan Vepayev Ozan Deniz

https://doi.org/10.26900/jsp.4.020

Abstract

In this study, natural gas production and consumption of Turkmenistan has been mentioned for years. Leaving the Soviet system in 1991, Turkmenistan started to take the first steps to move its economy from a closed system to a free market system. To raise its economy to the level of developed states, Turkmenistan has come by implementing new regulations in social and industrial areas within 10 years.
Turkmenistan has chosen an international, open, and pluralist economic model since its independence. This model has projected the "10-Year National Development Program" to ensure the economic development of the country and to be carried out according to the targets and plans. The main goal of the development program can be shown as placing the country among the first world countries, a social market economy, managing the country within its means, and encouraging international investors to structural and economic investments.
Today, World trade represents the liberalization trend. Liberalization of trade and markets provides the necessary foreign savings and foreign exchange needs to finance economic development with the help of foreign investments in developing countries such as Turkmenistan. Being a country with very rich natural resources, Turkmenistan aims to improve the country's economy by processing these resources and presenting them to the world markets. According to data in 2009, Russia is the largest importer of natural gas, the country's most important export product, while Iran is the second. During this period, exports to China are at a low level. However, while gas exports to Russia and Iran decreased to very low levels over time, China became the biggest consumer of Turkmenistan natural gas. In this, the relations of countries, energy needs, and investments made by demanding countries and the geographical distribution trends of the natural gas consumption-supply demand balance in the world. 2009-2019 is the economic advancement decade in the energy sector of Turkmenistan as a result of exploring and producing new gas reserves in the country, after which consumers gained conscious consumption as well as concluding new agreements with investors.

Keywords

Turkmenistan, Natural gas, Energy

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