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The OPEC Fund
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Development
  1. Operations
  2. Marine Merchant Fleet Project

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Marine Merchant Fleet Project

Turkmenistan

Borrower Turkmenistan
Financing Type Public Sector
Instrument Project Loan
Focus Area Transportation
Approved 15.12.2021
Signed 15.02.2022
Status Ongoing
Loan Administrator OPEC Fund
Executing Agency Turkmenistan Maritime Agency
Co-financiers ISDB, SCE, GOT
OPEC Fund Contribution (US$m) 45.00
Total Project Cost (US$m) 150.25

The project will include the construction of three new vessels for rail, passenger and dry cargo. Once operational the new ships will increase the utilization of the Turkmenbashi seaport on the Caspian Sea, part of the Europe-Caucasus-Asia transport corridor and one of the largest ports in the country. The project will also offer technology-transfer by providing training in shipbuilding and repair to the shipyard’s staff. In addition to boosting trade and economic activity, the project will create job opportunities, particularly for young graduates.

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