ASHGABAT, Turkmenistan: Indian Prime Minister Narendra Modi on a visit to Turkmenistan backed stronger energy ties with the gas-rich ex-Soviet state.
Meeting Turkmen President Gurbanguly Berdymukhamedov for talks in Ashgabat, the Indian premier backed an ambitious project to build a pipeline from Turkmenistan to deliver its vast energy resources to India.
The long-planned gas pipeline project, named TAPI, would be “a key pillar of economic engagement between the two countries” and have a “transformational impact,” the leaders said in a joint statement released on Modi’s website.
The leaders “reaffirmed their strong commitment toward timely implementation of this strategic project for the common benefit of peoples of the four countries.”
Berdymukhamedov said after the talks that the gas pipeline project “is already entering the final stage and soon we will start the practical implementation.”
“We are standing on the threshold of a remarkable event,” the Turkmen leader said.
“Apart from the economic rationale for all the participants in the project, TAPI is aimed at making a large contribution to strengthening stability in the region,” he said, adding it would create 12,000 new jobs in Turkmenistan’s neighbor Afghanistan.
Berdymukhamedov thanked Modi for India’s “steady support for the TAPI project and its constructive position at all the preparatory stages.”
In a gesture of friendship toward India, Berdymukhamedov said a statue of Mahatma Gandhi and a traditional Indian medicine and yoga center would be opened later Saturday in Turkmenistan’s showpiece capital
Turkmenistan, which borders Iran, has the fourth largest reserves of natural gas in the world but suffers from a lack of pipeline infrastructure.
The TAPI pipeline is set to cross Afghanistan and pump gas to Pakistan and India.
The 1,800 kilometer (1,100 mile) pipeline project valued at up to $10 billion however faces security concerns in Afghanistan and ballooning costs.
Turkmenistan and India back pipeline project
Turkmenistan and India back pipeline project
Saudi Aramco, ExxonMobil, Samref ink deal to study Yanbu refinery upgrade
RIYADH: Energy giants Saudi Aramco, ExxonMobil, and Samref have signed a venture framework agreement to upgrade the Yanbu refinery and expand it into an integrated petrochemical complex.
As a part of the deal, the companies will explore capital investments to upgrade and diversify production, including high-quality distillates that result in lower emissions and high-performance chemicals, according to a joint press statement.
The agreement will also see the parties explore opportunities to improve the refinery’s energy efficiency and reduce environmental impacts from operations through an integrated emissions-reduction strategy.
Samref is an equally owned joint venture between Aramco and Mobil Yanbu Refining Co. Inc., a wholly owned subsidiary of Exxon Mobil Corp.
The refinery currently has the capacity to process more than 400,000 barrels of crude oil per day, producing a diverse range of energy products, including propane, automotive diesel oil, marine heavy fuel oil, and sulfur.
“This next phase of Samref marks a step in our long-term strategic collaboration with ExxonMobil. Designed to increase the conversion of crude oil and petroleum liquids into high-value chemicals, this project reinforces our commitment to advancing Downstream value creation and our liquids-to-chemicals strategy,” said Aramco Downstream President, Mohammed Y. Al Qahtani.
He added that the deal will help position Samref as a key driver of the Kingdom’s petrochemical sector’s growth.
The press statement further said that companies will commence a preliminary front-end engineering and design phase for the proposed project, which would aim to maximize operational advantages, enhance Samref’s competitiveness, and help to meet growing demand for high-quality petrochemical products in Saudi Arabia.
The firms added that these plans are subject to market conditions, regulatory approvals, and final investment decisions by Aramco and ExxonMobil.
“We value our partnership with Aramco and our long history in Saudi Arabia. We look forward to evaluating this project, which aligns with our strategy to focus on investments that allow us to grow high-value products that meet society’s evolving energy needs and contribute to a lower-emission future,” said Jack Williams, senior vice president of Exxon Mobil Corp.
