The Abu Dhabi National Oil Company (ADNOC) signed an agreement with Mubadala investment group on November 14 to explore more downstream investment opportunities, according to a company statement.

The two firms will explore the ability to process crude oil and other hydrocarbons supplied by ADNOC, and use technologies owned by Mubadala.

The agreement was signed by ADNOC’s downstream head, Abdulaziz Alhajri, and Mubadala’s CEO of Petroleum and Petrochemicals, Musabbeh Al Kaabi, on the sidelines of the Abu Dhabi International Petroleum Conference and Exhibition (ADIPEC).

“This agreement is a natural evolution of the close relationship between ADNOC and Mubadala,” Alhajri said.

“It will ensure that, 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,” he continued.