Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) signed on Monday a strategic framework agreement to create opportunities for cooperation in the natural gas and liquefied natural gas (LNG) sector, which has the potential to enhance the revenue growth in a market of strategic importance to both companies.
The agreement was signed by Amin H. Nasser, Saudi Aramco President and CEO, and Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, on the sidelines of ADIPEC.
The cooperation brings together two of the world’s leading energy producers from the Arabian Gulf to jointly work together in an area of strategic importance for both companies as they seek to boost revenues from the natural gas and LNG business segments, a statement issued by Aramco said.
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The two giant companies will jointly assess investment opportunities across the natural gas and LNG value chain, exchange technical knowledge and expertise in natural gas and LNG growth markets. The strategic framework agreement follows an agreement by the two companies earlier this year to participate in an integrated refining and petrochemical project in India.
“The UAE and the Kingdom of Saudi Arabia have a strong relationship built on shared strategic interests. Increased cooperation between ADNOC and Saudi Aramco will ensure greater energy security and long-term economic prosperity for both nations,” Al Jaber said, according to the statement.
“This agreement reinforces our strategy to undertake partnerships with forward-thinking partners who can help accelerate access to new growth centers of global demand. It will ensure that we are well positioned to secure greater returns from global natural gas and LNG demand growth by combining the technological and operational expertise of two of the world’s leading National Oil Companies,” he added.
Nasser, for his part, said: “Our partnership with ADNOC continues to strengthen, after the recent decision to jointly develop a major refinery in India. We have shared strategic interest to expand our gas businesses, and this new agreement underlines our confidence in strong global gas demand growth.”
He went on to say that the joint cooperation would further support the corporate transformation strategy of Saudi Aramco and ADNOC “to pursue opportunities that help unlock greater value for both companies, and meet the growing needs of stakeholders around the world that depend on our energy to develop and grow their economies.”
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