Saudi Arabian Oil Company (Saudi Aramco) signed two separate initial deals with Abu Dhabi National Oil Company (ADNOC) and with Masdar, Abu Dhabi’s renewable energy company, covering energy and technology collaboration, renewables, and carbon management, the Saudi company said.
Saudi Aramco and ADNOC, the two companies will collaborate on identifying technologies that could deliver improved operational performance and efficiency across the oil and gas value chain.
Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO said: “We share many strategic objectives and increased cooperation between ADNOC and Saudi Aramco will further ensure our long term economic and energy resilience.
“This agreement reinforces our renewed approach to partnerships, which are aimed at leveraging and building on existing industry expertise. Innovation and technology are critical to our growth strategy, and there is a strong focus on integrating new technologies into our upstream and downstream operations, as we work to harness maximum value,” H.E. Dr Al Jaber added.
CEO of Saudi Aramco Amin H. Nasser said: “Saudi Aramco and ADNOC have a long history of enabling growth, development and innovation. Saudi Aramco's MOU with ADNOC will further strengthen and advance our joint goals for research and development in sustainable energy supply, development and management.”
He added: "Collaboration is crucial for success in achieving breakthroughs in our industry and we welcome ADNOC to be part of our network of collaborative relationships with leading energy companies and institutions."
Saudi Aramco’s deal with Masdar includes collaborate on sustainable development and renewable energy, in order to yield advancements in clean electricity generation, and carbon capture for Saudi Arabia, the UAE and the world.
The MoU was signed by Yasser Mufti, executive director for new business development at Saudi Aramco and Mohamed Jameel Al Ramahi, CEO of Masdar.
“Saudi Aramco welcomes the MoU with Masdar. We are embarking on an ambitious program in sustainable energy, including renewables and CO2 capturing and are also supporting the research and development efforts of various organizations and institutes in the Kingdom to promote renewables use in power generation and water desalination,” Mufti said.
This MoU, he added, “will facilitate cooperation in research and development, education and awareness, on the basis of each company’s experience in the development and deployment of sustainability programs.”
“This important agreement reflects the shared commitment of Masdar and Saudi Aramco to industry collaboration, which is essential in order to ensure that sustainable energy-based projects benefit from the best available technology, knowledge and skills,” said Al Ramahi.
“Working with Saudi Aramco will provide substantial insight into their unparalleled experience of deploying large-scale energy projects, while at the same time we are honoured to be able to share our own significant expertise as a first-mover in large scale commercial renewable energy development in the Middle East and international markets. The growth potential for renewables in Saudi Arabia is vast, and through our partnership we look forward to supporting the delivery of affordable and sustainable energy in the kingdom.”