BAKU, Azerbaijan, April 27. The UAE, which has been involved in the energy sector of Turkmenistan for more than two decades, is expanding the presence of its companies in the Turkmen economy through investments, Trend reports with reference to the Turkmen media.
This was stated by the UAE Minister of State, member of the Board of Directors of the Abu Dhabi National Oil Company (ADNOC), Abu Dhabi Fund for Development Ahmed Ali Al Sayegh at the forum on attracting investments in the energy sector of Turkmenistan held from April 26 through 27 in Dubai (UAE).
According to him, the current uncertainty in the energy market, as well as the accelerating energy transition, further emphasize the crucial role of Turkmenistan in maintaining global energy security as a stable and reliable supplier of hydrocarbon resources and as a country supporting the development of renewable and sustainable energy sources.
He noted that the dynamic bilateral partnership between the two countries will only strengthen Turkmenistan's position as an important global energy supplier, and also added that outside the energy sector, the UAE is also ready to cooperate closely with Turkmenistan in other strategic areas, such as the development of ports, transport and logistics, as well as in solving problems related to with climate change.
Meanwhile, according to the Turkmen Turkmengaz State Concern, the country's hydrocarbon resources are estimated at more than 71 billion tons of oil equivalent, of which more than 20 billion tons of oil and more than 50 trillion cubic meters of natural gas.