The Abu Dhabi National Oil Company (ADNOC) has signed a cooperation agreement with Indonesia’s PT Pertamina (Persero), Reuters reported.
The comprehensive strategic framework (CSF) agreement was signed on the sidelines of an official visit by Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed to Indonesia.
The agreement aims to enhance collaboration between the two sides the fields of oil and gas transportation, trading, and storage in both the UAE and Indonesia, as well as in the global market.
Under the agreement, Pertamina will participate in the UAE’s upstream oil and gas sector, as well as refining, petrochemicals, liquefied natural gas (LNG), liquefied petroleum gas (LPG), aviation fuel and retail opportunities in Indonesia.
Meanwhile, Russia’s Lukoil plans to acquire a 5% stake in the offshore gas project Ghasha in the UAE, which is a 40-year concession that includes Hail, Ghasha, Dalma and other offshore fields in the Al Dhafra area, which is held by the Abu Dhabi National Oil Company (ADNOC). The deal is expected to be closed in October, said Lukoil’s CEO Vagit Alekperov, according to Mubasher.
ADNOC also announced that its Ruwais Refinery West Cracker is offline due to maintenance.