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Dragon Oil, an exploration and manufacturing platform completely owned by the Authorities of Dubai, has renewed the partnership contract in Turkmenistan with the state-owned firm, Turkmen Oil. That is prolonged till Might 2025, for a interval of ten extra years with a complete worth of $1bn.
$500m might be paid in money, whereas the remaining $500m might be paid over the following 13 years, which incorporates the corporate’s dedication in the direction of the assist of the Turkmen authorities’s tasks, neighborhood growth, schooling, public well being and a few advantages of the co-production.
The signing ceremony of the settlement was held within the Turkmen capital, Ashgabat, with the presence of Ali Al Jarwan, CEO of Dragon Oil, and some members of the corporate’s executives.
Dragon Oil indicators extension of partnership contract in Turkmenistan for ten extra years#WamNews https://t.co/rGvPYgVT8m
— WAM English (@WAMNEWS_ENG) July 4, 2022
The corporate’s investments, throughout the contract extension interval, are anticipated to achieve one other $7-8bn to assist growth and growth programmes, whereas future manufacturing ranges would vary between 60-70 thousand barrels per day. The cumulative manufacturing of crude oil is predicted to achieve 350 million barrels till the 12 months 2035.
Saeed Mohammed Al Tayer, MD and CEO of Dubai Electrical energy and Water Authority (DEWA) and Chairman of ENOC and Dragon Oil, expressed his delight on the announcement of the extension of the partnership contract, which confirms the corporate’s stable dedication to strengthening its presence in Turkmenistan.
Al Tayer added that the connection between the UAE and Turkmenistan is growing considerably and progressing at a gradual tempo with the rise of latest investments that contribute to the event and consolidation of relationship between the 2 events in varied financial and funding fields. He additionally highlighted the depth of relationship between the 2 international locations via the investments made by Dragon Oil will obtain mutual profit via fruitful cooperation.
Ali Al Jarwan, CEO of Dragon Oil, said, “We welcome the signing of the contract extension settlement, which represents a relentless dedication by Dragon Oil in the direction of its worthwhile investments within the oil and gasoline sector in Turkmenistan,” including that the settlement will permit providing extra investments and completion of plans to extend the manufacturing capability of the corporate.
Over the previous decade, Dragon Oil has developed from a single-origin oil and gasoline firm working in Turkmenistan solely, to a world operator and a world exploration and manufacturing platform, with manufacturing and exploration belongings in Egypt, Iraq, Algeria and Afghanistan.
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