"Xrg" A strategic partnership is concluded with "Petronas" To invest in Turkmenistan
Abu Dhabi, May 14/ WAM/ The “XRG” and Petronas and “Petronas” companies signed a contract to share the production of “gas and condensate fields in” District 1 “marine in Turkmenistan with the” Hazar Nybit “government and the government company” Turkmen Nibit “.
The deal also included the signature of “XRG” and “Petronas” a long -term gas sale agreement with the government company “Turkmen Gas”.
The signing was attended by His Excellency Dr. Sultan bin Ahmed Al -Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, Chairman of the Executive Board of Directors of “XRG”, His Excellency Suhail bin Muhammad Al Mazrouei, Minister of Energy and Infrastructure, and His Excellency Ahmed bin Ali Muhammad Al Sayegh, Minister of State.
According to the conditions of the “production sharing contract”, the Petronas share will reach 57% in its capacity as the owner and the operator, in partnership with “XRG”, which is 38%, while the government “Hazar Nippe” owns the remaining 5%.
District 1 is located in the east of the Caspian Sea, and is currently producing about 400 million cubic feet of natural gas per day, and has great growth capabilities as it includes more than 7 trillion cubic feet of natural gas resources, with the possibility of raising their production capacity in the future.
This contract will contribute to ensuring the stability of energy supplies, in conjunction with achieving sustainable growth and creating economic value in light of the increasing regional and global demand for natural gas.
On this occasion, Mohamed El -Eryani, head of the international gas platform in “XRG”, said that this agreement represents an important step in implementing the “XRG” strategy for growth globally and builds on close relations between the UAE and Turkmenistan and contributes to enhancing the presence of “XRG” in the Caspian Sea, and expanding the scope of its resource base .. This step also confirms the progress achieved by the company in its efforts aimed at implementing its plans to be a resource A reliable clean energy and a major shareholder in meeting the growing global needs of it.
He added that by documenting our partnerships with “Petronas”, “Hazar Nybit”, “Turkmen Nybit” and “Turkmen Gas”, we contribute to supporting energy security and economic development, in conjunction with creating a long -term value to all parties concerned.
For his part, Mohamed Jokris Abdel Wahab, Executive Vice President and CEO of the exploration and production sector in Petronas said: “As the first international operator in the energy sector in Turkmenistan, up to three decades, this achievement strengthens our presence and confirms our continuous expansion in the exploration and production sector and our secret is to contribute to the continuous development of the energy sector in Turkmenistan, as We are committed to strengthening our long -term partnerships with “XRG”, “Hazar Nypest”, “Turkmen Nybit” and “Turkmen Gas”.
It is worth noting that “XRG” is enhancing through this move its strategy aimed at building a specific and diversified international investment company in the energy sector that focuses on three strategic areas: gas, chemicals, and low carbon energy solutions.
This deal contributes to the expansion of the company’s presence in Central Asia, and enhancing its focus on achieving a long -term global impact.
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