BAKU, Azerbaijan, May 27. By reiterating their dedication to cooperative operations and projects, including investment initiatives, Turkmenistan and the UAE hope to expand collaboration in the energy industry, a source in the UAE Ministry of Foreign Affairs told Trend.
"This commitment was formalized in a Memorandum of Understanding on Cooperation in the Energy Sector between the state-owned Turkmengaz and ADNOC. The agreement aims to explore potential energy projects, jointly develop hydrocarbon resources, and establish gas transportation infrastructures," the source said.
The representative of the ministry noted that both countries are also developing and strengthening scientific, technical, and economic cooperation regarding the supply and transportation of energy resources, aiming to enhance energy security in their respective regions and beyond.
"The UAE’s economic business environment is dynamic and attractive to direct foreign investments, ranking first amongst Arab nations and holding an advanced position globally as a modern financial, trading, and economic hub. Currently, the UAE and Turkmenistan are exploring avenues to strengthen bilateral and economic ties, emphasizing collaboration across various sectors, particularly in the energy and renewable energy domains, but also including transport - including aviation, trade, and logistics," the source added.
Meanwhile, in January of this year, the Turkmengaz State Concern and ADNOC signed a Memorandum of Understanding in order to attract strategic partners for the development of the third stage of the Galkynysh gas field and their possible participation in the implementation of energy projects related to the construction of gas pipeline infrastructure for natural gas supplies to the countries of the region and other states.
ADNOC is the national oil company of Abu Dhabi, UAE, which controls 95 percent of the UAE's hydrocarbon reserves and ranks 6th in the world in terms of oil reserves and 7th in terms of natural gas reserves.
Subsidiaries of the parent firm are involved in petroleum product marketing and distribution, refining and finance, and exploration and production.