Turkmenistan and UAE discuss opportunities to boost business ties

The state and prospects of bilateral cooperation between Turkmenistan and the United Arab Emirates were discussed during political consultations held on Wednesday at the Ministry of Foreign Affairs in a video conference format. This was reported by the website of the foreign ministry of our country.

The meeting participants considered the possibility of enhancing partnerships in such strategic areas as the trade and economic sphere, the fuel and energy, transport and communications, banking and financial sectors and other areas.

Speaking about trade and economic cooperation, the parties noted the positive potential for expanding cooperation in this direction and discussed the importance of the Intergovernmental Turkmen-Emirate Commission on Trade and Economic Cooperation.

In addition, issues were discussed on expanding the juridical base of the two states.

The largest investor from the United Arab Emirates is the company Dragon Oil, which develops oil and gas fields in the Turkmen sector of the Caspian Sea. Compared to 2000, the operator more than 10 times increased the average daily production of hydrocarbons on the contract block. This confirms the great prospects for the development of offshore hydrocarbon deposits in our country.

In March 2019, Dragon oil reported that it had invested more than $ 6.6 billion in offshore development in Turkmenistan.

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