Turkmenistan and the UAE participate in the formation of the global energy architecture
The Central Asian countries and Turkmenistan, located in the heart of the Great Silk Road and being the owners of the world's largest oil and gas reserves, are playing an increasingly important role in shaping the global energy architecture. This gives countries a special role in ensuring global energy security and increases the interest of the world community in the region, determining the high investment attractiveness, said Serdarmammed Garajayev, Ambassador Extraordinary and Plenipotentiary of Turkmenistan to the United Arab Emirates, speaking at the plenary session of the International Investment Forum in Dubai on Wednesday.
Joint projects implemented by Turkmenistan and the UAE in the fuel and energy complex are a great help in shaping the global energy system. We are talking about the participation of the UAE financial and business circles in the implementation of a number of projects in Turkmenistan in recent years, including with the support of the Abu Dhabi Development Fund.
An example of a successful business partnership is the long-term presence in the Turkmen market of the United Arab Emirates company Dragon Oil, participating in the implementation of major projects in the country, as well as other representatives of the UAE business circles working in the energy and gas chemical industry of Turkmenistan.
The joint project of Masdar and Turkmenenergo, implemented on the border with Afghanistan, has become unique and important for the region. For Turkmenistan, this is a big step towards diversifying export routes
The Turkmen ambassador noted that there is no electricity and the creation of a corridor of "green" energy in the Afghan direction, which is the largest market for energy consumption.
An additional impetus to the development of bilateral relations was given by the visit of President of Turkmenistan Serdar Berdimuhamedov to the United Arab Emirates in November 2022. "We have come to the moment when we need really large-scale joint projects aimed at the development of countries, which can become the driving force of economic cooperation and open up new opportunities for attracting investment, creating mixed industries, forming a modern infrastructure system. All this will give a new round for long-term, strategic and comprehensive Turkmen-Emirati cooperation. To do this, we are ready to create favorable legal and organizational conditions, provide investors with the necessary support in the form of tax, customs, visa, insurance and other benefits," the diplomat quoted the head of Turkmenistan.
During the visit, representatives of the delegation of Turkmenistan held meetings with the heads of the Abu Dhabi Development Fund, Masdar, ADNOC and Abu Dabi Port companies and discussed the main topics on the most important areas of cooperation – building up contacts in the field of investment, development of cooperation in fuel and energy industry, rational use of renewable energy sources, as well as the activation of projects for the development of port infrastructure.
The agreements were consolidated by a Memorandum of Understanding on cooperation in the energy sector between the State Concern "Turkmengaz" and the National Oil Company of Abu Dhabi (ADNOC) and an agreement on the conditions and procedure for opening and maintaining a correspondent account between the State Bank for Foreign Economic Activity of Turkmenistan and the First Abu Dhabi Bank. The parties also signed a joint declaration, which enshrines the intentions of Turkmenistan and the UAE to develop cooperation in a number of industries, including in the energy sector, Serdarmammad Garajayev said.
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