UAE - Mubasher: The Abu Dhabi National Oil Company (ADNOC) announced it has signed a comprehensive strategic framework agreement with the Federal State Budgetary Organization 'Russian Energy Agency' by the Ministry of Energy of the Russian Federation (REA).
Under the agreement, the two parties will work jointly to explore potential opportunities for collaboration across the oil and gas value chain, according to a press release.
Moreover, ADNOC and REA will cooperate to explore and boost production in Abu Dhabi’s concessions in order to build on the momentum of the successful conclusion of the emirate debut of competitive exploration and production bid round, ADNOC highlighted.
Both parties will be assessing and evaluating strategic opportunities for cooperation in the downstream sector, including refining and petrochemicals opportunities in Abu Dhabi and internationally.
The agreement was signed by ADNOC’s upstream executive director Abdulmunim Saif Al Kindy and head of Technology Development Division at REA Oleg Valerievich Zhdaneev.
Under ADNOC’s downstream expansion strategy, the company seeks to invest $45 billion in establishing the world’s largest integrated refining and petrochemicals complex in Ruwais, Abu Dhabi.
Through this complex, the company aims to triple its production of petrochemicals to 14.4 million tons per annum by 2025.
ADNOC and REA will also consider marketing sales and trading projects in Abu Dhabi and internationally, as well as collaboration opportunities in the liquefied natural gas (LNG) sector that could unlock value and drive revenue growth.
Furthermore, the two parties will be mulling over potential opportunities in technical and operational support exchanges in artificial intelligence (AI) and other advanced technologies to enhance performance and boost efficiencies.
The agreement highlights the strong bilateral relations between the UAE and Russia and supports the extended approach of ADNOC’s to partnerships that allows it to maximize value across its entire portfolio.
