In early March 1997, the government issued a new oil and gas law and made it the highlight of its second annual TIOGE
exhibition and conference held a few days later, together with a model for production-sharing agreements (PSAs).
Speaking on the sidelines of the Turkmenistan International Oil and Gas Exhibition and Conference (TIOGE
) in Ashgabat on March 13, Merhav's senior vice president of finance Leo Malamud was quoted by 'AFP' as saying that interest in Turkmenistan is "tremendous", and adding: "The whole region is opening up.
On March 13, 1998, the second day of the Turkmenistan International Oil and Gas Exhibition and Conference (TIOGE
) in Ashgabat, Elly Gurbanmuradov, head of the State Agency for Foreign Investments, said foreign direct investment in Turkmenistan would quadruple by 2000 to $3 billion.