Turkmenistan explores long-term cooperation opportunities with Dragon Oil

Oil&Gas Materials 13 June 2024 15:37 (UTC +04:00)
Aman Bakiyev
Aman Bakiyev
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ASHGABAT, Turkmenistan, June 13. Turkmenistan discussed promising areas of long-term cooperation with Dragon Oil, owned by the Emirates National Oil Company (ENOC), Trend reports.

According to an official source, these issues were discussed during a meeting between the Chairman of the People's Council of Turkmenistan, Gurbanguly Berdimuhamedov, and the Chief Executive Officer of Dragon Oil, Ali Rashid Al-Jarwan.

During the meeting, the parties discussed promising areas of long-term cooperation, taking into account the vast experience of joint work and large-scale plans for the development of the fuel and energy complex.

They noted that Turkmenistan and the UAE are among the richest countries in the world in terms of natural gas and oil reserves and have extensive experience in the development of the oil and gas industry.

The parties stressed that the strategy for the development of the oil and gas sector is aimed at producing products necessary for the national economy as well as exporting them using local raw materials. In this regard, emphasis was placed on projects implemented by large UAE companies in the fuel and energy sector of Turkmenistan.

Speaking about the economic development programs being implemented in the country, the ongoing reforms in the industrial sector, and the availability of favorable conditions for doing business, Berdimuhamedov stated his readiness to further expand productive cooperation with Dragon Oil.

Meanwhile, in January of this year, the Turkmenistan State Concern and Dragon Oil signed a Memorandum of Understanding under which the Dubai oil business will begin developing three prospective fields near Turkmenistan.

Dragon Oil has been carrying out oil and gas cooperation with Turkmenistan on the basis of a Production Sharing Agreement since 2000, and its main activity is the extraction of hydrocarbon resources in the Caspian Sea, in particular in the Cheleken contract zone.