Major oil and gas companies of the UAE will take an active part in the development of the next stages of the supergiant gas field «Galkynysh» and in the implementation of other energy projects in Turkmenistan.  This is provided for by the Memorandum of Understanding on cooperation in the energy sector between the State Concern «Turkmengas» and the Abu Dhabi National Oil Company (ADNOC).

 The memorandum was signed last Sunday during the official visit of the National Leader of the Turkmen people, Chairman of the Halk Maslakhaty of Turkmenistan Gurbanguly Berdimuhamedov to the United Arab Emirates on February 11-12.

 As a result of the visit, a Joint Declaration was also signed, which enshrined the intentions of Turkmenistan and the UAE to develop cooperation in a number of industries, including the energy sector.

 “Large oil and gas companies of the UAE will take an active part in the development of the next stages of the supergiant Galkynysh field in Turkmenistan.  In this context, the parties welcomed the signing during the visit of the Memorandum of Understanding on cooperation in the energy sector between the State Concern «Turkmengas» and the Abu Dhabi National Oil Company (ADNOC), the Joint Declaration says.

 It is also noted that «The Parties emphasized the need to implement the provisions of the Memorandum aimed at strengthening cooperation between the State Concern «Turkmengas» and ADNOC in studying the prospects for potential energy projects in Turkmenistan, the joint development of hydrocarbon resources with subsequent marketing of products, as well as the development of gas transportation infrastructure».

The parties, noting the importance of developing cooperation in the energy sector, stressed the special importance of the supply of Turkmen natural gas to world markets.  To this end, the parties support joint activities and projects in the oil and gas sector, including investment activities.

 The parties also agreed to intensify cooperation in the field of renewable sources and support various initiatives and projects in this area, the document says.

 The parties expressed their readiness to take the necessary measures to develop and strengthen scientific, technical and economic cooperation in the field of energy, in particular, in the supply and transportation of energy resources on a mutually beneficial basis.

 The document also noted “the importance of creating mutually beneficial economic, legal and technical conditions for the development of the energy potential of Turkmenistan and the diversification of energy supplies.  In this context, the Parties stressed the importance of developing energy resources to ensure energy security in the regions of Central and South Asia, as well as the Near and Middle East,” the document says.

 The Joint Declaration also says that the National Leader of the Turkmen people, on behalf of President Serdar Berdimuhamedov, invited the President of the UAE, Sheikh Mohammed bin Zayed Al Nahyan, to visit Turkmenistan at a convenient time for him.