Leandro Slovinski, Global Editorial Director of The Investor, discusses Turkmenistan's changing investment story, Galkynysh Phase IV, TAPI, economic diversification and why OGT 2026 will be closely watched by international investors.

ASHGABAT — Turkmenistan enters the second half of 2026 at an important point in its economic development.

As the country prepares to celebrate the 35th anniversary of its Independence, several major developments are converging: work has begun on Phase IV of the giant Galkynysh gas field; the TAPI pipeline is advancing on the Serhetabat–Herat section in Afghanistan; long-standing energy partnerships with CNPC and PETRONAS are entering new chapters; and international attention is increasingly extending beyond hydrocarbons towards infrastructure, manufacturing, logistics, technology and private-sector development.

For international investors, the question is therefore gradually changing.

It is no longer simply: How large are Turkmenistan's resources?

Increasingly, it is: What investment opportunities can be built around them?

TurkmenPortal spoke with Leandro Slovinski, Global Editorial Director of The Investor, whose international publications examine emerging investment destinations and connect them with institutional investors and business leaders worldwide.

Turkmenportal: The Investor published a dedicated Turkmenistan edition in 2025 and is preparing another edition for 2026. What is driving international interest in the country?

Leandro Slovinski:

The response to our 2025 edition exceeded expectations and quickly confirmed the case for a 2026 edition.

What we are seeing is a country that is increasingly attracting attention from investors looking beyond traditional markets.

For many years, Turkmenistan was viewed internationally primarily through the lens of its hydrocarbon resources. Today, that perspective is broadening considerably.

Investors are paying closer attention to the country's wider development agenda, which increasingly encompasses industrial development, infrastructure, logistics, manufacturing, digitalisation and private-sector growth alongside the energy sector.

Institutional investors do not respond to marketing narratives; they respond to evidence of long-term direction, economic stability and implementation.

Increasingly, Turkmenistan is demonstrating these characteristics.

The growing interest we have observed reflects a recognition that the country is pursuing long-term economic development across multiple sectors.

The 2026 edition will explore these developments in greater detail. The timing is particularly significant because investors often pay closest attention when countries are entering a new stage of development and diversification.

Turkmenportal: How important is Turkmenistan's record of long-term international partnerships when investors assess the country?

Leandro Slovinski:

One of the strongest signals to international investors is the continuity of major strategic partnerships over extended periods of time.

Investors place considerable value on evidence that large-scale projects are not only announced but successfully implemented and sustained over decades.

This year, Turkmenistan and China marked 20 years of strategic cooperation in the gas sector. The partnership with CNPC has developed into one of the most significant long-term energy relationships in Eurasia.

The commencement of Phase IV of the Galkynysh gas field development further reinforces that message.

Equally important is the fact that 2026 marks 30 years of successful operations by PETRONAS in Turkmenistan. In the global energy industry, partnerships that endure for three decades are relatively uncommon.

For institutional investors, these are tangible indicators of reliability, continuity and the ability to sustain major international partnerships.

Phase IV itself is substantial: the project includes new production wells and a gas-processing facility designed to produce 10 billion cubic metres of commercial gas annually.

Turkmenportal: Another development attracting considerable attention is TAPI. Construction is now visibly progressing in Afghanistan. Does that change the investment perception of the project?

Leandro Slovinski:

It does.

For investors, there is an important distinction between a project that exists primarily at the planning stage and one where physical implementation is clearly visible.

Major cross-border infrastructure projects are inherently complex. They involve governments, engineering, financing, security, regulation and long-term commercial arrangements. Investors understand that.

What they look for is evidence of execution.

The progress now visible on the Serhetabat–Herat section of TAPI is therefore significant. It shows that one of Eurasia's most ambitious regional energy projects is moving forward on the ground.

But I think TAPI is particularly interesting when viewed beyond the pipeline itself.

Infrastructure of this scale can potentially support power generation, industrial development, transport and logistics, employment and wider regional trade.

If complementary infrastructure and economic activity develop alongside the pipeline, TAPI's investment impact could extend considerably beyond natural gas.

That is what makes major infrastructure interesting to investors: one project can create the conditions for many others.

Editor's note: Afghanistan's Ministry of Mines and Petroleum reported on 6 July 2026 that 101 kilometres of pipeline had been laid, 126 kilometres of the project corridor prepared and 108 kilometres of connecting and monitoring roads constructed. The ministry also reported 70.2 kilometres of trench excavation and 36 kilometres of pipeline already buried

Turkmenportal: Are investors therefore beginning to see hydrocarbons as a platform for wider diversification rather than simply a source of export revenue?

Leandro Slovinski:

Yes, and I think this is one of the most important changes in the investment narrative around Turkmenistan.

Investors increasingly view the country's hydrocarbon sector not only as a source of export revenues, but also as a platform for broader economic diversification.

Opportunities in petrochemicals, industrial processing, logistics, infrastructure, digital technologies and manufacturing are attracting attention alongside traditional energy investments.

From an investor perspective, some of the most compelling stories are those where resource development supports wider economic transformation.

When investors evaluate opportunities, they also look beyond individual projects and consider track records.

The combination of two decades of cooperation with CNPC, three decades of partnership with PETRONAS, Galkynysh Phase IV and now visible progress on TAPI creates an increasingly compelling narrative around continuity and implementation. The first three elements were central to the original interview; TAPI is the important new addition.

Turkmenportal: Turkmenistan celebrates 35 years of Independence this year. How would you characterise the country's investment story at this point?

Leandro Slovinski:

Thirty-five years provides an interesting point from which to look both backwards and forwards.

Turkmenistan has built substantial national infrastructure, established major energy export capacity and developed long-standing economic partnerships with some of the world's leading international companies.

The next stage is increasingly about translating those foundations into broader economic development.

For investors, the conversation can therefore expand from natural resources towards industrialisation, value-added processing, infrastructure, logistics, technology and private-sector development.

The interesting question is no longer simply what resources Turkmenistan possesses.

It is how those resources, infrastructure and international partnerships can support the country's next phase of economic development.

That is where the investment story becomes particularly compelling.

Turkmenportal: What does Turkmenistan need to communicate most clearly to international investors?

Leandro Slovinski:

I would put it into three words: opportunity, implementation and access.

Investors want to understand where international capital, technology and expertise can participate.

They want evidence that projects can be implemented.

And they want to understand how they can engage with the institutions and decision-makers responsible for those opportunities.

Turkmenistan already has strong evidence of long-term implementation through major international energy partnerships.

The opportunity now is to present more individual projects in an investment-ready way: what the project is, what technology or financing is required, what the commercial proposition is and what form of partnership is available.

Global capital is highly competitive. Countries compete for the attention of the same investors.

The clearer the route from opportunity to implementation, the stronger the investment proposition.

Turkmenportal: You have attended OGT previously. What role can OGT 2026 play in that process?

Leandro Slovinski:

Having attended OGT previously, I can say that it exceeded my expectations in terms of both the quality of discussions and the level of international participation.

OGT has established itself as one of the leading energy platforms in the region, bringing together government representatives, international energy companies, investors, financial institutions and technology providers.

For international stakeholders, it provides something particularly valuable: an opportunity to understand developments in Turkmenistan's energy sector and engage directly with key decision-makers.

Given the pace of development currently underway, I expect OGT 2026 to attract particularly strong international interest.

Galkynysh Phase IV and TAPI will naturally command attention. But the wider discussion around investment, technology, gas processing, offshore development, infrastructure and economic diversification makes the conference relevant to a much broader international audience.

Many of our readers, partners and investors will be following the event closely, and I expect a number of them to be in Ashgabat this October.

OGT 2026 will take place in Ashgabat on 21–23 October, with the programme specifically addressing investment, export corridors, gas monetisation, infrastructure, technology and energy security.

Turkmenportal: Finally, what would you say to an international investor who has not yet looked closely at Turkmenistan?

Leandro Slovinski:

Look at the evidence—and look at the direction of travel.

Turkmenistan has substantial resources, but resources alone do not constitute an investment story.

What matters is the combination of those resources with long-term planning, infrastructure, established international partnerships and an expanding development agenda.

The country is entering an interesting stage.

Investors who begin building their understanding and relationships today will be better positioned to evaluate the opportunities that emerge as that next phase develops.

As Turkmenistan marks the 35th anniversary of its Independence, I would also like to extend my sincere congratulations to the Government and the people of Turkmenistan on this significant national occasion. I wish the country continued peace, prosperity and sustainable development, and every success as it enters the next chapter of its economic development and international cooperation.