16.08.10 Caspian Focus Turkmenistan raises borrowing from China to $8.1 billion

Turkmenistan's government has increased borrowing from China to $8.1 billion in order to fund major developments in the country's gas sector.

According to a number of national sources, Turkmenistan's President Gurbanguly Berdymuhamedov instructed gas industry leaders to hold negotiations with the State Development Bank of China (SDBC) for a preferential loan in the amount of $4.1 billion to be used to further develop a field in Southern Eloten. China has already allocated Turkmenistan $4 billion for prelimenary developments of the field.

Earlier in the year, Turkmenistan's government granted licenses to ConocoPhillips and Mubadala Development Co for development of Block 21 in the Turkmen sector of the Caspian Sea.

Source: ABC Azerbaijan

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