Abu Dhabi oil giant to develop ties with new global partners
Abu Dhabi National Oil Company (ADNOC) is looking to forge closer ties with Russia as it strives to expand its global reach.
It comes following a meeting between Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of Adnoc and Alexander Novak, Minister of Energy of the Russian Federation.
Dr Al Jaber said: “Building on the strong bilateral relationship, which exists between the UAE and Russia, there is significant potential for further collaboration on energy issues. Adnoc is open to exploring partnership and co-investment opportunities across the full value chain as we seek to develop ties with new global partners who share our vision and determination to forge strategic, value added and commercial partnerships.”
During the visit, Novak was given a tour of Abu Dhabi and visited Adnoc's Panorama digital command center to see how the company is using big data technologies and artificial intelligence (AI) to help extract maximum value from its assets and resources.
He said: “Co-operation in the field of energy has enormous potential. Promising areas for collaboration between companies from Russia and the UAE lie in the development of trading activities in hydrocarbons as well as joint projects in the fields of mining and trading.”
The Russian Federation has the largest natural gas reserves and the eighth largest oil reserves of any country in the world.
Bilateral trade between Russia and the UAE increased by 21 per cent in 2018 to approximately AED11 billion (3bn). Relations were further strengthened last year when Sheikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces met President Vladimir Putin and both leaders signed a declaration of strategic partnership covering political, security and economic spheres.
ADNOC 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. In addition, a significant expansion of the downstream business is underway, centered on the Ruwais industrial hub, where substantial foreign direct investment has already been attracted with the aim of creating the world’s largest fully integrated refining and petrochemicals complex.