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Saudi Arabian Oil Company (Saudi Aramco) has signed two separate MoUs 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 agreement was signed by UAE Minister of State and ADNOC Group CEO HE Dr Sultan Ahmed Al Jaber and President and CEO of Saudi Aramco Amin H Nasser.
Under the terms of the agreement, ADNOC and Saudi Aramco will collaborate on identifying technologies that could deliver improved operational performance and efficiency across the oil and gas value chain.
HE Dr Al Jaber said, “The United Arab Emirates and the Kingdom of Saudi Arabia have strong bilateral ties built on fraternity, collaboration and partnership. 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.”
“We are delighted to have concluded this collaborative agreement with ADNOC. It will strengthen the existing links between our two companies and accelerate key enablers of both our companies’ long-term resilience by fostering a culture of knowledge sharing,” Amin H Nasser said. He added that the MoU will bring many benefits for both companies and that in addition to their in-house networks, both companies have a wide range of collaborative relationships, at home and abroad, with leading energy institutions.
Saudi Aramco has also signed a Memorandum of Understanding (MoU) with Masdar, Abu Dhabi Future Energy Company. Under the terms of the agreement, Masdar and Saudi Aramco will collaborate on sustainable development and renewable energy to yield advancements in clean electricity generation, and carbon capture for Saudi Arabia, the UAE and the world.
Commenting on the MoU, Yasser Mufti, executive director for new business development at Saudi Aramco said, “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. He reiterated that the MoU will facilitate cooperation in research and development, education and sustainable 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 Mohamed Al Ramahi, CEO of Masdar.