Al Ittihad Newspaper
Al Jaber and Al-Nasser when signing the contract (WAM)
Abu Dhabi (Al Ittihad)
Abu Dhabi National Oil Corporation (ADNOC) yesterday signed a framework agreement with Saudi Arabia to explore possible opportunities for co-operation in the field of natural gas and liquefied natural gas.
The agreement brings together two of the world's largest Arab Gulf energy producers to work together in strategic importance for both companies as they seek to increase revenues from the gas and LNG sectors.
The agreement was signed by Dr. Sultan Ahmed Al Jaber, State Secretary and CEO of ADNOC and its Group of Companies, and Ing. Amin Hassan Al Nasser, President and CEO of Saudi Aramco.
Under the agreement, ADNOC and Aramco are working together to jointly evaluate investment opportunities in all aspects and stages of LNG business to increase value and increase the revenues of both parties.
The agreement also provides for cooperation on technical and economic feasibility studies and the exchange of knowledge and expertise on LNG markets.
"The United Arab Emirates and Saudi Arabia have close links based on history, vision, and common strategic interests," said Sultan Ahmed Al Jaber. We are pleased to conclude this agreement with Aramco's brothers, whose aim is to enhance the synergies between the two companies and to contribute to enhancing energy security, prosperity and long-term economic and social growth. "
"This agreement is in line with ADNOC's approach in partnership with partners who are innovative in the future and have the potential to contribute to enhancing product access to new growth centers for global demand." The agreement also contributes to boosting economic output from growth in global demand LNG by making use of the integration of technical and operational expertise between the world's two largest oil companies. "
The agreement was signed after the Supreme Oil Board approved the new ADNOC gas strategy, which aims to maintain LNG production by 2040 and exploit opportunities to increase natural gas and its use in the production of petrochemical products as a result of changes in supply and Demand for Energy in the United Arab Emirates.
The new strategy also aims to enable ADNOC to explore investment opportunities in the field of Liquefied Natural Gas (LNG) and to realize the added value of expanding its global market resulting from the high demand for Asian markets.
"We are pleased with this agreement, which focuses on attractive investment opportunities in the value chain for natural gas and liquefied natural gas (LNG), and it is a framework for cooperation between the two giant industries of the oil and gas industry in the world," said Mr Nasser.
"Improving cooperation with ADNOC will have a positive impact on sustainability goals and will benefit both companies. We recently announced the intention to join the joint venture in a major refinery on the west coast of India."
"Saudi Aramco is expanding its conventional and unconventional gas business and this new agreement helps us to accelerate Saudi Aramco's natural gas and liquefied natural gas (LNG) growth and to increase our competitive edge, and diversifies our business and expands our international gas investment.
LNG is the fastest growing hydrocarbon fuel at a growth rate of 4% a year, double the growth of natural gas.
Total LNG demand should exceed 500 million tonnes per year by 2035, an increase of 300 million tonnes per year in 2017.
ADNOC LNG, a subsidiary of ADNOC, is a reliable LNG supplier with more than 40 years of success and success. The company also has a 2% share of the global LNG market.
ADNOC and Aramco sign agreement on cooperation in the gas sector
https://www.alittihad.ae/article/74374/2018/ "ADNOC" and "Aramco" – Harman – Agreement – Cooperation – Gas