Emarati Abu Dhabi National Oil Company (ADNOC) signed a strategic framework agreement with Malaysian Petroliam Nasional Berhad (PETRONAS), to explore opportunities for collaboration across Abu Dhabi oil and gas sector, according to a statement on ADNOC website.
Such agreement between both firms builds on the strong bilateral ties between the United Arab Emirates (UAE) and Malaysia and highlights ADNOC’s approach to expand strategic partnerships, which allows maximizing value across its entire portfolio while implementing the 2030 strategy.
As per the agreement, both companies will jointly assess strategic opportunities for domestic and international collaboration across the downstream sector. They will also explore potential partnership opportunities in trading including optimization of crude and feedstock supply and refined products offtake.
Additionally, the companies will collaborate to find technology solutions through research and development (R&D) in areas of mutual interest including enhanced hydrocarbon recovery, Carbon Capture Utilization, and Storage (CCUS).
Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO praised the agreement saying “We are very pleased to partner with PETRONAS for the first time through this important framework agreement. The agreement is a natural evolution of the strong ties between the UAE and Malaysia and provides an opportunity to deepen the relationship through strategic energy cooperation.”
For his part, Tengku Muhammad Taufik, President and Group CEO of PETRONAS, commented “PETRONAS believes the collaboration with ADNOC bears strong testimony to the shared vision of both organizations to pursue value creation through progressive and cleaner energy solutions as we navigate the challenges of an accelerating energy transition.”