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FINANCIAL NEWS
Dubai’s Dragon Oil plans USD1b investment in Turkmenistan
21 Oct 2012
(MENAFN) Dubai-based Dragon Oil unveiled plans to spend up to USD1 billion on infrastructure setup in oil and gas rich Turkmenistan until 2015, Arabian Business reported.
Chief Operating Officer Hussain Al Ansari told Reuters recently that the company had invested about USD2.4 billion in the country between 2000 and June 2012.
He added that Dragon Oil plans to achieve a production growth rate of between 10 and 15 percent this year.
Dragon Oil’s output had risen more than tenfold from a 7,000 bpd in 2000 to 71,751 bpd at the end of 2011, Al Ansari added.
The company said in a statement that it is on track to achieve the 100,000 bpd target by 2015.
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