02 | OPERATIONS – DELIVERY BY SECTORS
TRACECA transit corridor 14 countries, 12 sea ports, 22 land-based routes 1 MN tons Additional annual freight transport capacity
20,000 Additional passengers per year
The Balkan Shipyard, part of the Turkmenbashi International Sea Port, has been chosen to expand its capacity in shipbuilding and maintenance. Although the shipyard is equipped with state-of-the-art machinery, lack of technical expertise has so far limited activities to small-scale maintenance. This issue is addressed by a new joint project signed by the OPEC Fund, the Islamic Development Bank and the government of Turkmenistan in 2022. A loan with a total volume of US$150 million, of which the OPEC Fund is providing US$45 million, will finance the immediate construction of three sea vessels at the premises of the Balkan Shipyard, combined with technology transfer and training. In the coming years, the government plans to build nine vessels at the Balkan Shipyard. Once completed, the project is expected to raise annual freight transport capacity by one million tons and increase passenger numbers by 20,000 per year, while reducing freight costs and cargo waiting time.
The project will facilitate state-of-the-art technology and know-how transfer to the Turkmen shipbuilding industry, and positively contribute to improving management practices and the regulatory framework of the Turkmenbashi International Sea Port. This should ultimately strengthen the country’s technical and institutional capacity to develop the shipbuilding sector in the future.
To achieve this goal, knowledge sharing will be as crucial as investments. With the OPEC Fund, Turkmenistan has found a long-term partner who can offer both.
OLGA MIKHAILOVA Country Manager MENA, Eastern Europe & Central Asia, Public Sector Operations, OPEC Fund
29
Powered by FlippingBook