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July 18, 2019

Abu Dhabi considering investment in Russian gas

Abu Dhabi's commercial district: Abu Dhabi National Oil Company (Adnoc) CEO and Russian energy minister are in discussions about investments in Russian LNG projects.

By MEED   

Abu Dhabi National Oil Company (Adnoc) is examining investments in Russia’s gas sector as part of growing ties between the United Arab Emirates (UAE) and Russia.

UAE eyes Russia investment

Meeting in Moscow in early July, Adnoc CEO Sultan al-Jaber and Russian Energy Minister Alexander Novak discussed investment opportunities in Russia’s natural gas sector.

Adnoc said that the meeting was part of Adnoc’s objective to ‘explore opportunities to expand its strategic partnership and investment base across its entire value chain’. It did not elaborate on the topics discussed between the two leaders.

Al-Jaber and Novak are understood to have talked about specific liquefied natural gas (LNG) projects that Russia is seeking to develop.

Relations between the UAE and Russia have been growing and UAE sent a high-level delegation to the Global Manufacturing and Industrialisation Summit (GMIS) that was held from 9-11 July in the Russian city of Yekaterinburg.

The UAE was co-chair of the UN-backed event, which saw Russian President Vladimir Putin deliver a keynote address.

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The event focused on the development of the manufacturing sector through advanced technology and nature-based design.

The UAE delegation included energy & industry minister Suhail al-Mazrouei, Adnoc CEO Sultan al-Jaber and Khaldoon al-Mubarak, the CEO of UAE sovereign wealth fund Mubadala. The delegation included several other senior representatives from government and industry in Abu Dhabi and Dubai.

Oil-producer Adnoc is seeking to become a leading player in the gas sector as part of its Adnoc 2030 strategy. It has tied up with Saudi Arabia’s national oil company Saudi Aramco to look for viable investment opportunities in the international upstream arena, specifically in the gas space.

Aramco has been in talks with Russian energy stakeholders, especially Novatek, which is seeking to attract investment from Saudi Arabia in the second phase of its Arctic LNG project.

MEED

This article is sourced from Offshore Technology sister publication www.meed.com, a leading source of high-value business intelligence and economic analysis about the Middle East and North Africa. To access more MEED content register for the 30-day Free Guest User Programme. 

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