Dubai : UAE Energy Minister Mohammad Bin Dha'en Al Hameli held meetings with senior Turkmen officials yesterday to discuss venues of cooperation between the two countries on energy.

At meetings with Turkmen Deputy Chairman of the Cabinet of Ministers for Oil and Gas, Bayrammyrat Hojamuhammedow and Minister of Oil and Gas Industry and Mineral Resources Bayramgeldi Nedirow, the UAE Minister confirmed the country's interest in furthering relations with Turkmenistan.

He said the UAE companies are prepared to take part in the development of Turkmenistan's energy sector, noting that large UAE companies such as Mubadala Development Company and Masdar are carrying out projects to boost Turkmenistan's oil and gas and renewable energy production capacities, according to the news agency WAM.


The UAE Minister conveyed to the Turkmen officials greetings to President Gurbanguly Berdimuhamedow from President His Highness Shaikh Khalifa Bin Zayed Al Nahyan, His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, and General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces.

UAE Ambassador to Turkmenistan Hassan Abdullah Al Adhab and members of the UAE delegation were present.

The economic and development policies followed by the present Turkmen government, the open door policy adopted and the legal framework instituted had far reaching effects in bringing about an atmosphere conducive to investment as well as stability essential to the economic prosperity of this great nation, said Al Hameli.

Addressing the 15th Turkmenistan International Oil and Gas Conference Ashgabat 2010, he added that the efforts of Turkmenistan to develop bilateral trade, cooperation and investment between the UAE and Turkmenistan are commendable.

"We are following with interest the positive contribution of the UAE companies to the development of Turkmenistan and in particular the role of Mubadala and its partners ConocoPhillips, the International Petroleum Investment Company, Dragon Oil and its project to produce 75000 barrels of oil per day from Turkmenistan, Petrofac and Gulf Oil and Gas are also active in the oil and gas industry here."

"I would like to seize this opportunity to express my deep gratitude and thanks to the government of Turkmenistan for the invitation and the warm greetings and hospitality with which I and my delegation were accorded since our arrival to the beautiful capital Ashgabat and the impressive preparations and arrangements made to organise this important conference," Al Hameli.

The UAE minister underscored that in spite of the economic depression the world has witnessed during the last two years, the UAE has been going ahead with its developmental plans and investments.

Over the last few months, he continued the oil markets appeared to have achieved a degree of price stability which could provide an incentive to continue investing in the oil industry. However, "price levels should never be allowed to pose a threat to prospects for renewed growth in the global economy."


Al Hameli underlined that maintaining stability is critical for producers and consumers alike to plan the long-term investments that are required to develop existing fields as well as new discoveries. The price rises seen in recent weeks reflect a market response to the ever-growing demand in China and signs of recovering demand in the United States. Sizable investments made at the opportune time have increased available spare capacity in many OPEC countries, including the UAE.


Happy with price of oil

UAE Minister of Energy Mohammad Bin Dha'en Al Hameli said Opec is "happy" with oil prices above $80 (Dh293) a barrel.

"Everybody is happy about this price," Al Hameli said yesterday at an oil and gas conference in Ashgabat, Turkmenistan. With crude at $75 to $80 a barrel, "there is some sort of stability."

The UAE is one of 12 members of the Organization of Petroleum Exporting Countries, which supplies 40 per cent of the world's oil.

— Bloomberg