Dragon Oil opens its largest regional office in Turkmenistan

Dubai energy company embarks on ambitious expansion plan

By WAM

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Published: Thu 28 Dec 2023, 7:59 PM

Dragon Oil Company, wholly owned by the Dubai Government, opened its largest regional office outside the country in Ashgabat, the capital of Turkmenistan, in the presence of a high official delegation from the Turkmenistan Government, led by Guvanch Agajanov, Chairman of the SC Turkmennebit.

The opening ceremony was attended by Rashid Al Jarwan, CEO of Dragon Oil, Maksat Pirliyev, General Director of NAPECO, Deputy Ambassador of the UAE to Turkmenistan, Sulaiman Al Zahmi, high officials representing Petronas Turkmenistan, Mitro International and other companies.

The new office represents an important step for the company to achieve the established strategic goals, such as entering the blue hydrogen industry by 2029 and increasing its investments by increasing the oil production capacity in the Turkmen market, which currently amounts to about 60,000 barrels per day, or through projects related to renewable energies.

Dragon Oil aims to raise its production, which currently stands at 180,000 barrels to 250,000 barrels per day with the natural growth of site production at the end of 2025, with Turkmenistan paying great attention to this expected increase.

Al Jarwan said, "The opening of the company's regional office in Turkmenistan is the result of more than 20 years of presence here. Today we are launching a new chapter of serious and fruitful cooperation between our two countries, and it is also an affirmation of the strategic partnership that brings us together."

He added, "Turkmenistan is one of the oldest countries in which oil was discovered. It is a rich country that possesses huge reserves of oil and gas. It is an important destination in the oil sector. Through the new office, we aim to enhance cooperation. Moreover, it is a true example of the strong friendship that brings together the UAE and Turkmenistan, which is moving at a rapid pace.

"We are confident towards progress and prosperity thanks to the support of the leadership of the two countries, and their keenness to strengthen it through positive partnerships that benefit everyone."

Al Jarwan pointed out that the new office has all the necessary facilities for work and has integrated management from all the company's departments to ensure smooth work, pointing out that the number of the company's employees in Turkmenistan reaches 2,000 employees, and the new office will ensure their service and meet their requirements.

He added that Dragon Oil's work in Turkmenistan will focus on enhancing oil production and stopping gas burning by 2027 completely, which will contribute to enhancing sustainability and reducing carbon emissions, in addition to other work related to protecting the marine environment.


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