The Abu Dhabi National Oil Company (ADNOC) has begun talks with Chinese and Japanese companies for potential partnerships in its recently announced expansion to its strategic partnership model.
Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO met with the companies and discussed new partnership and co-investment opportunities created through ADNOC’s new approach, as well as the deepening of UAE bilateral relations with China and Japan, ADNOC said in a statement.
“Chinese and Japanese companies have been amongst our most important and longest-standing partners and Asia represents tremendous growth opportunities for ADNOC,” Al Jaber said. “We are therefore seeking partners to co-invest across the different parts of our value chain and who will bring operational expertise and technology, as well as the ability to secure greater access to these fast-growing markets.”
ADNOC said earlier in July, its criteria for new partners is investors who can help in securing better access to growth target markets such as Asia, contribute technical expertise, co-develop new technologies and co-invest in ADNOC’s value chain.
Al Jaber met with government officials, as well as existing and new, potential partners in China and Japan to brief them about ADNOC’s new, expanded partnership approach, ADNOC said without mentioning company names.
Potential areas for partnership under consideration by ADNOC include the further development and expansion of a regional drilling company and a new energy infrastructure venture that could bundle ADNOC’s infrastructure assets such as oil, gas or refined products pipelines and storage facilities.
It also includes downstream partnership opportunities to improve integration, and expand output to meet rising global demand for petrochemical products.
ADNOC will remain the major shareholder in any potential new partnership.
Al Jaber said: “As ADNOC embarks on its new approach, we look forward to building on our successful partnerships in both China and Japan. We believe our mutual goals and objectives are aligned and that committed and long term collaboration will help meet the growing energy demand of both countries, as well as promote sustainable economic growth and trade.”