Created in order to improve existing work on the diversification of exports to the world market of Turkmen minerals, the implementation of high-quality level of development programs of oil and gas industry.

The decree № PP-6081 was signed by President of Turkmenistan on the establishment of the Turkmen State Institute of Oil and Gas.

[5] On February 12, 2019, by the Resolution of the Assembly of Turkmenistan, the International University of Oil and Gas was named after the political and public figure Yagshygeldi Kakayev.

The building was built in the southern part of Ashgabat, where a new business and cultural center of the capital of Turkmenistan.

The opening ceremony of the buildings took place September 1, 2012 with the participation of President of Turkmenistan Gurbanguly Berdimuhamedow.

The institute located assembly and meeting rooms, museum, archive, library (with 250 seats) equipped with multimedia equipment reading rooms, Center for Information Technology, cafe, clinic, grocery and department store.