The second session of the Joint Committee on Cooperation between Turkmenistan and United Arab Emirates with the participation of representative delegation of the UAE chaired by Minister of Foreign Affairs and International Cooperation Sheikh Abdulla Bin Zayed Al Nahayan.
The agenda of the meeting included the outcomes of work for the realization of the agreements reached during the first session of the Committee held in Abu Dhabi in November 2012 as well as the issues of bilateral cooperation in such strategic directions as trade and economic sphere where steadfast growth was stated, fuel and energy, transport and communication, banking and financial sectors and cultural and humanitarian field.
As it was informed before during the meeting of President Gurbanguly Berdimuhamedov with the delegation of the UAE, the Head of Foreign Department of friendly country expressed the willingness of business community of his country expand the cooperation in the investment field, particularly in fuel and energy and electrical energy complexes, in road and railway construction, participation in the project of construction of transnational gas line.
The growth of the interest of UAE business circles to our country is stipulated by the economy of Turkmenistan that is one of the most developing in the world what is proven by such competent financial structure as International Monetary Fund (IMF). The role of our country in the world political arena where it plays more important role in solution of global problems is growing. Sharing of the knowledge and technologies, scientific and technical innovations and investment cooperation are important directions of the collaboration.
At present time, Turkmenistan having huge resource potential performs fundamental transformation of industrial sector, creates new branches, accelerates the processes of industrialization and urbanization what considerably stimulates domestic consumption and opens large export capabilities.
Perspectives of the partnership in natural gas processing, making of gas products and the export to the world markets where big potential for beneficial consolidation of efforts is present were discussed during the session.
This is very actual today. The Programme of further development of gas and petrochemical branches for the next ten years was developed based on the analysis of the condition of the regional and world markets and existing and forecasted requirements for petrochemical production. As is known Turkmenistan has already started the realization of number of large-scale projects in this sphere.
For example, the plant for gasoline production made of natural gas is under construction in Ovadandepe, Ahal Velayat. The facility provided with modern equipment will produce 600 thousand tons of A 92 gasoline per year that meets Euro 5 highest standards. The production of 12 thousand tons of diesel fuel and 115 thousand tons of liquefied gas per year is also planned.
Petrochemical plant for production of polyethylene and polypropylene is built in Kiyanly settlement, Balkan Velayat. The project is carried out together with the consortium of «TOYO Engineering» (Japan), «LG International Corporation» and «Hyundai Engineering Corp. Ltd» (the Republic of Korea) companies. Its total cost is 3.4 billion US dollars. The commissioning of the facility is planned in September 2018.
Besides, it is planned to build petrochemical complex for production of 200 thousand tons of linear low-density polyethylene, 390 thousand tons of polypropylene, 100 thousand tons of polyvinylchloride, 10 thousand tons of liquid gas, 82 thousand tons of caustic soda and 10 thousand tons of sulphuric acid per annum. 1.5 billion cubic meters of natural gas and 117 thousand tons of technical salt will be processed. Polymer production is on high demand in the world markets as it is the main material for production of various consumer goods. For example, 75 percent of synthetic rubber is used in automobile industry.
Carbamide plant with annual output of 1 million 155 thousand tons of production is build in Karabogaz city.
The works on construction of Turkmen part of Turkmenistan – Afghanistan – Pakistan – India gas line are carried out at present time. The completion of this project, which has the interest of Arab investors, will make positive effect on the consolidation of economic power of participating states and on the development of other countries of the region.
This is only small part of implemented and planned large-scale projects in the country and the flow of foreign investments will allow considerable diversification of fuel and energy sector and petrochemical industry supporting faster development of national economy in general.
Besides, Turkmenistan attracts foreign investors as large logistic centre, important intersection of transport and transit corridors of the continent and key transboundary trade routes what serves as a good stimulus to attract the investments.
In addition, the agreement on the establishment of the working group under the Committee for cooperation in science, education and culture and its first session in Ashgabat has been reached during the session of the Joint Committee. Cooperation in tourism, hydrometeorology and seismology and environment protection was the subject of interested attention.
The outcomes of the session held in the Ministry of Foreign Affairs resulted in signing of relative Protocol and Memorandum of Understanding on Cooperation between the Government of Turkmenistan and Abu Dhabi Development Fund.
The sides agreed on the third session of the Joint Committee for Cooperation between Turkmenistan and United Arab Emirates in Abu Dhabi in 2018.
Bilateral meetings of the members of UAE delegation with the heads and representatives of the ministries and private structures of Turkmenistan, during which perspective directions of productive partnership and plans for its further development have been outlined, were held under the session.
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