CONTRACTS WITH TURKMEN GOVERNMENT

Turkmeneft (TurkmenOil) State concern will create consortium with German Pall GmbH company and will sign contract with Belgian Enex Process Engineering S.A. company for construction of the complex for extraction and transportation of natural gas on Keyrum, Akpatlavuk and Chekishliar fields, on western Turkmenistan. The construction will start in June of 2003 and will end in December of 2004. Ashkhabad’s correspondent of Turkmensitan.ru informs that the total cost of this contract is 24,168 million EUR, while the construction will be financed from the funds of the state fund for development of oil and gas industry and mineral resources. Enex Process Engineering S.A. Belgian company will also carry out works on servicing technological links of facilities in Korpej gas complex. Contract signed with Turkmenneft state concern for total amount at 4.361 million EUR must be implemented by April of 2004. This contract as well will be financed from the State Fund for development of oil and gas industry and mineral resources.