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. Last Updated: 07/27/2016

Turkmen President Signs Pipeline Deal

ASHGABAT, Turkmenistan -- Turkmenistan and British-Dutch oil giant Royal Dutch Shell have signed a memorandum of understanding on a $4 billion gas pipeline project, a Turkmen government spokesman said.

The spokesman for the Oil, Gas and Natural Resources Ministry said the pipeline would take gas from Turkmenistan to Turkey and then to Europe.

The memorandum was signed during a visit by Turkmen President Saparmurat Niyazov to Brussels where he was also expected to sign an agreement on cooperation and partnership between Turkmenistan and the European Union.

Last December, authorities in Turkmenistan, Iran and Turkey gave Shell the green light to conduct a feasibility study on the line, which is 3,800 kilometers long, to run from the Shatlyk field in eastern Turkmenistan with recoverable reserves of 460 billion cubic meters.