Turkmenistan introduces new regulations on oil products

Turkmenistan has introduced new regulations on licensing the sale of oil products and lubricants which are designed to protect the legal rights and interests of the state and physical and legal entities. According to the new regulations, organizations are entitled to engage in the sale of oil products and lubricants in Turkmenistan, under a license issued by the Turkmen Ministry of Oil and Gas Industry and Mineral Resources, which is valid for three years. A list of oil products for retail and wholesale trade is defined in detail in the regulations. Retail trade is allowed only for petrol and diesel fuel for vehicles. The list of the wholesale trade includes petrol and kerosene for airplanes, petrol for cars, diesel fuel, black oil and other fuel. Turkmenistan produces approximately 10 million tons of oil annually, a large portion of which is processed at a refinery in Turkmenbashi, near the Caspian Sea, and at a second oil refinery in Seydi, located in the eastern part of Turkmenistan. (September 4, 2009)