Dubai-based Dragon Oil signed a $1 billion deal to renew its production partnership in Turkmenistan with state-owned Turkmen Oil for 10 years after the current contract expires in May 2025, the United Arab Emirates state news agency WAM said on Monday.
Of the total value, $500 million will be paid in cash while the remaining $500 million will be paid over 13 years.
(Reuters - Reporting by Moataz Mohamed; Editing by Paul Simao)