United Arab Emirates To Give Turkmenia Long-Term Credit

The United Arab Emirates will give Turkmenia a long-term stabilisation credit of 200 million American dollars. A preliminary agreement on that was reached during a trip to the UAE by a Turkmen delegation, led by Vice Premier Elly Kurbanmuradov, who administers affairs of the oil and gas complex. Also under discussion during this trip were preparations for a visit to the United Arab Emirates by Saparmurat Niyazov, president of Turkmenistan. Earlier, it was planned that the visit would be held in April. Now it has been put off to a later date owing to the need for thorough preparation of documents to be inked, which are aimed at promoting broader bilateral cooperation in various spheres. The Turkmen delegation also held negotiations at the Ministry of Oil and Mineral Resources, the Committee for Foreign Investments, the Abu Dhabi Fund and the Emirates National Oil Company. On results of the meetings, an agreement was reached on the supply of two drilling rigs to Turkmenia and possible involvement of UAE companies in tapping hydrocarbon resources on the Turkmen shelf of the Caspian sea.

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