President of Turkmenistan receives Chairman of Dragon Oil

Serdar Berdimuhamedov, President of the Republic of Turkmenistan, received yesterday Saeed Mohammed Al Tayer, Chairman of the Board of Dragon Oil, fully owned by the Government of Dubai, at the Presidential Palace in Ashgabat.

The Turkmen President welcomed Al Tayer to Turkmenistan, and expressed his confidence that the meetings that will take place during the visit will enhance bilateral cooperation and friendly relations between the Republic of Turkmenistan and the United Arab Emirates, which have been witnessing steady progress for many years based on mutual understanding and trust.

For his part, Al Tayer extended his sincere thanks to the Turkmen President for his hospitality. President Berdimuhamedov stressed that currently, cooperation between the two countries is taking place within the framework of the United Nations and other major international organisations, as the energy sector is one of the main areas of cooperation between Turkmenistan and the United Arab Emirates.

The Turkmen President said that the UAE has a rich experience in developing the oil and gas industry, pointing out the importance of the positive experience of cooperation with leading Emirati companies in this sector.

During the meeting, the possibilities of expanding cooperation and partnership for the coming years were discussed, as increasing the volume of oil and gas extraction and processing and exporting energy resources and chemical products from oil and gas in the country are among the main tasks of this important sector for the Turkmen national economy, while enhancing favourable conditions for business in Turkmenistan, taking into account the long-standing Emirati experience and Turkmenistan's plans to continue developing the energy sector.

Al Tayer emphasised the keen interest of the wise leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to enhance the strategic relations between the two friendly countries, which are witnessing continuous development in various fields, reflecting the commitment of the leadership of both nations to strengthen cooperation and elevate economic relations, symbolising new strategic horizons.

Al Tayer indicated that Dargon Oil will do its utmost to fulfill its contractual obligations.

During the meeting, Al Tayer talked about the successes of Dragon Oil and its achievements over 25 years of development, extraction and production of oil and gas using the best modern technologies, pointing out the keenness and interest of the wise leadership of the UAE in developing strategic and investment partnerships between the two countries, and exploring opportunities and potentials for cooperation in the targeted economic sectors.

Al Tayer spoke about the company's strategic objectives and future plans to expand into new exploration opportunities, production and operations in line with developments in the global oil market, with investments exceeding $10 billion in developing production from the Cheleken contract area, with a cumulative production reaching 447 million barrels, using the best production practices to benefit both the Government of Turkmenistan and the Government of Dubai until 2035.

Al Tayer highlighted Dragon Oil's efforts to promote sustainable development, leverage all efforts and energies to achieve climate neutrality goals by 2050 and seize promising opportunities in the field of sustainability to improve performance and preserve the environment, and the company's initiatives aimed at reducing emissions at the operations.