Chairman of the Halk Maslahaty of Turkmenistan Gurbanguly Berdimuhamedov held a meeting with Ali Rashid Al-Jarwan, the Executive Director of Dragon Oil. The meeting aimed to explore avenues for deepening cooperation in the oil and gas industry, highlighting the strategic importance of collaboration between the two entities.
Al-Jarwan stressed the robust and cordial relations between Turkmenistan and the United Arab Emirates (UAE), emphasizing the foundation of mutual trust that underpins their partnership. He expressed gratitude for the opportunity to operate in Turkmenistan, where Dragon Oil has established a successful presence over the years.
Berdimuhamedov, on his part, emphasized the active bilateral cooperation facilitated by the joint efforts of leadership from both nations. He fondly recalled his recent visit to the UAE in January, during which he engaged in substantive discussions on various aspects of bilateral relations with Sheikh Mohammed bin Zayed Al Nahyan, the President of the UAE.
The meeting also highlighted Turkmenistan and the UAE's substantial reserves of natural gas and oil, positioning them among the world's wealthiest nations in terms of energy resources. Both parties acknowledged their extensive experience in the development of the oil and gas industry, paving the way for enhanced collaboration.
Berdimuhamedov reiterated Turkmenistan's readiness to further expand its productive cooperation with Dragon Oil, signaling a commitment to leveraging mutual strengths for shared prosperity. The parties expressed confidence that the existing mutual interest would serve as a solid foundation for future fruitful cooperation in the oil and gas sector.
Dragon Oil has been a prominent investor in Turkmenistan’s economy, injecting about $8bn since 1999 into developing the nation’s Caspian Sea shelf.
By 2022, the trade volume between the two countries surged to about $1.3bn, excluding oil trade, showing a nearly 50% rise from the previous year. In 2021, the Abu Dhabi Development Fund partnered with Turkmenistan to create a joint investment firm, aiming for a capitalization of $100mn.
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