SC "Turkmengaz" and Emirate "Mubadala Petroleum" are exploring opportunities for cooperation
A Memorandum of Understanding between the State Concern "Turkmengaz" and the emirate company "Mubadala Petroleum" was signed among other documents on Thursday, March 15, in the presence of Turkmen President Gurbanguly Berdimuhamedov and crown prince of Abu Dhabi, Deputy Supreme Commander of the Armed Forces of the United Arab Emirates Sheikh Mohammed Bin Zayed Al Nahyan.
The document signed by the state minister, chairman of Turkmengaz State Concern Murad Archayev and UAE minister of energy and industry Sukhail bin Mohammed Al Mazrooui, means that the parties intend to explore the possibilities of cooperation together.
Established in 2012, Mubadala Petroleum is engaged in exploration and production in 8 countries, providing high financial returns. It has an agreement on strategic cooperation with the Chinese National Petroleum Corporation.
Mubadala Petroleum is one of the main platforms of the investment company Mubadala, which has a portfolio of $ 41 billion. Currently, the company produces about 500,000 barrels of crude oil per day.
In exploration and production, the company is working on two major projects in Southeast Asia, including the development of the Ca Rong Do oil and gas field in Vietnam, with an investment of $ 450 million, and the Pagaga gas project in Malaysia, which, as expected, will be authorized by the end of the year.
In the petrochemical sector, the company announced the implementation of projects in the amount of $ 5 to $ 6 billion, including two additional projects that are expected to occupy an important place in the petrochemical unit on the coast of the Gulf of Mexico.
