OIL-AND-GAS VERTICAL, dated 09/08/2004 President of Turkmenistan S. Niyazov Discussed Gas Prospectives with the Management of “ZarIT” According to RocInvest.com, Sept. 6, 2004, President of Turkmenistan Saparmurat Niyazov held a meeting with several top manages of “ZarIT” LLC – head of “ITERA” Group of companies Igor Makarov and head of the managing board of the Russian National Reserve Bank Yuri Kudimov. The parties discussed preparation for the implementation of a joint project on hydrocarbon recourses in the Turkmen sector of the Caspian Sea. “ZarIT” LLC was established two years ago by “ITERA” and two Russian companies “Zarubezhneft” and “Rosneft”. It is going to take active part in the development of three offshore blocks. The Russian National Reserve Bank undertook the financial assistance to the project. During the meeting I. Makarov informed S. Niyazov of the results of “ZarIT” specialists’ work on the draft agreement with Turkmenistan on the cooperation in the development of these three blocks. The parties also discussed the issues of financing the project by the Russian National Reserve Bank. Yu. Kudimov informed the President of Turkmenistan of the implementation of the exclusive mandate, which was awarded to the bank last May for the settlement of the Turkmen debt to some of the CIS countries. After the talks were over, “ZarIT” representatives told the journalists, that the meeting with the President of Turkmenistan ‘allowed to settle the most part of the issues, regarding the preparation of the project’. Both guests expressed their firm belief that the agreement on the development of the three prospective Caspian blocks would be signed in the nearest future. Copyright © 2002 Nestro Ïðàâîâàÿ èíôîðìàöèÿ e-mail: nestro@nestro.ru