Dragon Oil Company, wholly owned by the Government of Dubai, signed a Memorandum of Understanding (MoU) with Turkmenbet Company (Turkmenistan Oil).
Gurbanguly Berdimuhamedow, Chairman of the People's Council of Turkmenistan and Saeed Mohammed Al Tayer, Chairman of the Board of Directors of Dragon Oil © WAM
Dragon Oil Company, wholly owned by the Government of Dubai, signed a Memorandum of Understanding (MoU) with Turkmenbet Company (Turkmenistan Oil).
The agreement included expanding Dragon Oil Company’s investments in the promising Turkmen oil and gas sector, which includes three new oil fields within Block 19.
Dragon Oil has been engaged in oil and gas cooperation with Turkmenistan on the basis of a production sharing agreement since 2000. Its primary focus is on the extraction of hydrocarbon resources in the Caspian Sea, in the Chilikin Contractual Area.
The United Arab Emirates' decision to suspend all financial and economic transactions with Iran until further notice, citing a military escalation by Tehran with a missile threat, has refocused the spotlight on fraught ties between the major Gulf Arab oil producer and Iran.
The UAE's defense ministry said on Tuesday that it detected two ballistic missiles launched from Iran against the Gulf country.
President Donald Trump said on Monday that Iran would not make the deal he thinks is needed to end a war with the U.S. and should surrender as talks between the countries remained stalled.
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