Turkmenistan’s weak investment climate has made transforming the country’s solid gas reserves base into export earnings beyond the existing sales to China more difficult. Barriers to foreign capital and a reliance on public finance to support major national investment projects are additional headwinds. While external factors are out of Turkmenistan’s control, some of the internal challenges can be solved. There is now a growing understanding in Ashgabat that the country needs to look into less capital-extensive resource monetization tactics. The expansion of export-oriented fertilizer and petrochemical industries, as well as the more active use of existing pipeline interconnectors with Iran to facilitate gas swaps are likely to gain momentum as Turkmenistan’s new gas monetization strategy evolves.