Mubasher TV
Contact Us Advertising   العربية

ADNOC, Mubadala sign investment cooperation deal

ADNOC, Mubadala sign investment cooperation deal
This will help Mubadala in diversifying its portfolio of refining and petrochemicals assets

Abu Dhabi - Mubasher: The Abu Dhabi National Oil Company (ADNOC) on Wednesday announced that it has signed a framework agreement with Mubadala Investment Company (Mubadala) in a bid to explore together potential global growth opportunities.

This will help Abu Dhabi's state-owned Mubadala in diversifying its portfolio of refining and petrochemicals assets, in addition to supporting ADNOC’s international downstream investment ambitions, according to ADNOC’s statement. 

The agreement was signed by Abdulaziz Alhajri, director of ADNOC’s Downstream Directorate and Musabbeh Al Kaabi, CEO of Petroleum and Petrochemicals, Mubadala.

“This agreement is a natural evolution of the close relationship between ADNOC and Mubadala. It will ensure the, in partnership, we continue to maximize value from our hydrocarbon resources, in line with the leadership’s directives of stretching the value of every barrel of oil we produce,” Alhajri said.

Signing the agreement took place on the sidelines of Abu Dhabi International Petroleum Conference and Exhibition (ADIPEC) being held in the UAE’s capital and biggest sheikhdom.

“Mubadala has an extensive and successful refining and petrochemical portfolio, which already has a number of strong partnerships with ADNOC,” Al Kaabi commented.

Under the agreement, ADNOC and Mubadala will explore the potential for the processing of crude oil and other hydrocarbons supplied by ADNOC, as well as potentially utilising technologies owned by Mubadala with product offtake by other ADNOC companies.

“ADNOC has embarked on executing its Downstream strategy that includes an AED 165 billion ($45 billion) Downstream investment program that will see the Ruwais Industrial Complex upgraded to significantly increase its flexibility and integrated capabilities to produce greater volumes of higher-value refined and petrochemical products,” the statement said.