The UAE seeks to widen its dynamic partnerships with Turkmenistan in the oil, gas, and renewable sectors through significant investments by ADNOC, Dragon Oil, and Masdar companies, WAM news agency reports, citing Ahmed Ali Al Sayegh, Minister of State, as he participated at the International Investment Forum to Attract Foreign Investments in Turkmenistan's Energy Sector in Dubai, UAE.
Ahmed Ali Sayegh serves on the Abu Dhabi National Oil Company (ADNOC) board of directors and the Abu Dhabi Development Fund.
"The UAE had long recognized the importance of Turkmenistan within global energy markets," he told forum participants.
On the sidelines of the event, Al Sayegh met with Ashirguly Begliyev, Deputy Prime Minister of the Turkmen government, who oversees the oil and gas sector, a significant source of government revenue.
Last year, the Abu Dhabi Fund for Development established a joint investment company with Turkmenistan with a target capital of $100mn. In addition, the fund provided Turkmenistan with a $275mn loan for constructing a small airport, a hybrid power plant, and a large gas chemical plant.
Turkmengaz earlier this year signed a memorandum of cooperation with ADNOC, which also provides for "active participation" in the development of Galkynysh, the second-largest gas field in the world. Petrofaс and Gulf Oil & Gas Fze were previously involved in the industrial development of Galkynysh on a service basis.
Dragon Oil is one of the most prominent investors in the local market, having invested about $8bn in the Turkmen sector of the Caspian Sea since 1999.
Ashgabat hopes for long-term cooperation with Masdar, which recently signed a deal to build a 100-megawatt solar photovoltaic power plant in Turkmenistan.
Credits: Eziz Boyarov, Ashgabat
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