At a meeting of the Cabinet of Ministers on September 16, Deputy Prime Minister for Economic, Banking and International Financial Organizations Serdar Berdimuhamedov reported on the results of the visit of the Turkmen delegation to the UAE, the TDH state news agency reported .
The delegation, led by Deputy Foreign Minister Berdiniyaz Myatiev , was in the UAE from August 29 to September 2.
During the visit, a meeting was held with the management of the Emirati investment company Mubadala, at which the topic of attracting investments for the implementation of large projects in the oil and gas sector was discussed and the issue of preparing a draft Memorandum of Understanding was agreed.
At the meeting with representatives of the company Masdar (a subsidiary of Mubadala), specializing in the field of renewable energy sources, a presentation of investment projects was made. The parties discussed the possibility of financing the construction in the future in one of the etraps of a multipurpose plant that generates energy from the sun ; and also agreed on the issue of preparing a draft of the relevant Memorandum.
Earlier, the Abu Dhabi Development Fund allocated a $ 25 million loan to Turkmenistan for the construction of a hybrid solar and wind power plant in the Serdar etrap of the Balkan velayat. It was issued to Vnesheconombank for 15 years with a grace period of 3 years at 4% per annum. The project of the power plant was shown to the head of state on June 15, and on the 19th a tender was announced for its construction. The tender was later extended until September 20.
Berdimuhamedov Jr. reported that following a meeting with representatives of the Abu Dhabi Development Fund (ADFD), an agreement was reached on signing documents on investment and attracting loans for the implementation of three projects:
• Framework agreement on the construction of a plant for the production of polyvinyl acetate in the Dashoguz velayat, including a "Roadmap" on the organization of direct investment on the basis of payment by products from the side of the relevant UAE company ;
• A loan agreement on financing the construction of a plant for the production of combined fertilizers at the Niyazov Turkmenabat Chemical Plant;
• Founding agreement between the State Bank for Foreign Economic Affairs of Turkmenistan and ADFD on the establishment of the Joint Investment Body.
President Gurbanguly Berdimuhamedov noted "the growing interest of the Emirati business in strengthening their positions in the promising Turkmen market."
On February 3, the Abu Dhabi Development Fund signed three Memorandums of Understanding with the government of Turkmenistan. The first document provides for the creation of a joint investment company in Turkmenistan with a target capital of $ 100 million.
At the initial stage, ADFD and the government of Turkmenistan will jointly contribute $ 16 million ($ 8 million each) for their further investment in projects in the fields of energy, agro-industrial complex, tourism and industry. The agreement assumes that the projects for financing will be presented by the Turkmen side, and considered and approved by the ADFD.
The second agreement was signed to study the possibility of investing in a project to create a $ 175 million plant in Turkmenistan for the production of polyvinyl acetate.
The third agreement provides an opportunity to explore the possibilities of financing infrastructure projects in various sectors, including renewable energy and air transport.
On July 29, the Turkmengaz State Concern announced an international tender for the design and construction of a "turnkey" gas chemical plant for the production of polyvinyl acetate in the Dashoguz velayat on the basis of direct investments with the condition of production sharing in accordance with the Law of Turkmenistan "On Hydrocarbon Resources".
Source: Chronicles of Turkmenistan