Sometime this year, Turkmenistan will hold a tender this year to build a petrochemical plant with a processing capacity of 3 mln tpa of oil and 3 bln mtrs of gas, extending the invitation to both domestic and foreign companies. The petrochemical complex is planned to be located in the east of the country.
Currently, Russia's Gazprom buys most of the country's natural gas at below market prices. Western energy majors such as BP and Chevron seem willing to explore investment opportunities in the gas-rich Caspian nation, as they compete with Russia and other regional players for a slice of Turkmen energy reserves. Gazprom is in talks with Turkmenistan on a new Russia-backed Caspian Gas Pipeline.