Bilateral trade between Russia and the UAE rose 21% last year to top $3 billion
Russia’s energy minister Alexander Novak met with the CEO of Abu Dhabi National Oil Company (ADNOC) in Moscow on Wednesday to expand the two countries’ partnership in the production of hydrocarbons and liquefied natural gas (LNG), reported Russian news agency TASS.
Novak said Russia’s cooperation with the UAE in the liquefied natural gas sector is especially “promising”, adding that Russian companies, “in particular JSC Rusgeology, are ready to develop cooperation with UAE's partners in geological exploration of hydrocarbons, including with the help of 3D seismic exploration”.
He noted that the partnership continues to play a positive role in stabilising global oil prices in the framework of the OPEC+ agreement.
ADNOC chief executive Sultan Ahmed Al Jaber, who is also the UAE’s minister of state, said his visit to Moscow reflects the strong ties between the two countries as they continue to build on strong trade relations, and that there is “significant potential for collaboration in the energy sector”.
He added, “ADNOC is open to exploring partnership and co-investment opportunities with Russian energy companies across the full value chain where they make economic sense and drive significant returns for both sides.
“As we respond to the evolving energy landscape, driven by growing demand particularly in Asia, ADNOC is forging ties with new partners from around the world, who share our creative vision and are prepared to put skin in the game through capital, technology and market access.”
Bilateral trade between Russia and the UAE rose 21% last year compared to 2018 to total over AED11 billion ($3 billion).
Relations were further strengthened when Sheikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces met President Putin last year.
The leaders signed a declaration of strategic partnership covering political, security and economic spheres.
ADNOC’s meeting with Russia is its latest step in its 2030 smart growth strategy. The company is on track to increase its crude oil production capacity to 4 million barrels per day (mmbpd) by 2020, and 5mmbpd by 2030, while becoming self-sufficient and eventually a net exporter of natural gas.
Its Ruwais industrial hub is also set to become the world’s largest fully integrated refining and petrochemicals complex.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.