UAE company to operate in Turkmenistan

President of the United Arab Emirates Khalifa bin Zayed Al Nahyan and Turkmen President Gurbanguly Berdimuhamedov plan to improve efficiency of oil and gas field, oil refining, chemical energy and renewable energy by signing a bilateral deal in Ashkhabad.

Petrofac (UAE) was hired to develop the Galkynysh Field in the Mary Province, the second largest field in the world. The company will build facilities to extract 20 billion cubic meters of gas annually and a facility to remove sulfur from gas.

$2.4 billion of capital was invested in Dragon Oil in Q1 2012.

Mubadala is negotiating cooperation in the Turkmen sector of the Caspian Sea.