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. Last Updated: 07/27/2016

Foreign Venture Eyes Turkmen Fields

DUBAI, United Arab Emirates -- The United Arab Emirates' IPIC, Shell and Austria's OMV are considering joint exploration for oil and gas in Turkmenistan, UAE's state news agency WAM reported late Wednesday.

The International Petroleum Investment Company invests in oil-related projects for the government of Abu Dhabi, which controls more than 90 percent of the United Arab Emirates oil reserves. The UAE is the world's sixth-largest oil exporter.

The three companies also plan to build a $500 million urea plant with capacity to produce 1 million tons per year, WAM reported.

Both the oil and gas exploration and the urea plant was pending government approval, WAM said.

"Working with IPIC to enter oil and gas sectors in Turkmenistan is an ideal opportunity to reinforce Shell's position in the region, which is growing," Gavin Graham, Shell's vice president of new business in the region, told WAM.