Midland Oil Forms Consortium to Invest in Turkmenistan

Ashgabat, 31 January 2008 (nCa) --- Midland Oil and Gas, a UK based company with offices in New York and roots in Switzerland, has created a consortium solely for investment in Turkmenistan.

Robert Murphy, CEO of Midland Oil and Gas, said Wednesday during a meeting with President Berdymuhamedov that an international consortium had been created with the participation of Korean partners for investment in the hydrocarbon sector of Turkmenistan. He added that the consortium would also weigh the possibilities for projects in the telecommunication and information technology spheres.

Song Hong (phonetically spelled), Director of Nara Bank of California and Yang Chang (phonetically spelled) of Alaska Pipeline project, were also present during the meeting, presumably as part of the newly formed consortium. Mirsad Lekich (phonetically spelled), advisor to Midland, was also present in the meeting.

President Berdymuhamedov said that besides the spheres mentioned by Midland delegation, it would be a good idea to examine the opportunities for investment in the textile, petrochemical, liquefied gas industries and transport and communication sectors of Turkmenistan. He said that the reconstruction of the Turkmenbashy port and creation of Avaza tourist zone at the Caspian coast of Turkmenistan were also promising areas for investment.

Murphy of Midland said that education and training of Turkmen personnel in the educational institutions of the United States and Korea would soon be arranged. He said that thousands of vacancies would be created as a result of projects envisioned by Midland and local specialists would be preferred for jobs.

Nara Bank, a wholly owned subsidiary of Nara Bancorp, was founded in 1989. Headquartered in Los Angeles, it is focused on serving the Korean-American customers in the United States.

The Alaska Pipeline Project proposes to transport natural gas from Prudhoe Bay in northern Alaska to North American markets. TransCanada’s subsidiary, Foothills Pipe Lines Ltd., has been working on the 2700-km long Alaska Pipeline Project since it was first proposed in 1976.