Turkmenistan's leader on October 9, 2017, pledged tens of billions of dollars towards the country's flagship oil and gas sector, which has been battered by low global prices and collapsing demand from Russia.
«In the next 7 years, we will make investments of 240 billion manats. In the oil-and-gas complex, we will invest 159 billion manats,» Berdimukhamedov said.
He was speaking at a meeting of the Council of Elders, an unelected body that offers no real check on the powers of the Turkmen leader.
Sitting on the world’s 4rth-largest gas reserves, Turkmenistan has become dependent on energy sales to China after Russian halted purchases of Turkmen gas in 2016.
Berdimukhamedov also promised that Turkmenistan would soon start producing electric cars in a bid to diversify the country's heavily hydrocarbon-dependant economy.
Turkmen leader said he would boost government revenues by cutting state subsidies that had been introduced by his predecessor, Saparmurat Niyazov.
The subsidies introduced in the 1990s effectively granted citizens of the ex-Soviet republic free gas, water, and electricity.
Berdimukhamedov said «the time has come to save and use state funds effectively.»
Falling global prices have seen the government impose tight restrictions on currency exchange and led to a spike in the cost of imported goods.