Saudi Arabian Oil Company (Saudi Aramco) has signed a memorandum of understanding (MoU) with Abu Dhabi National Oil Company (ADNOC) for energy and technology collaboration in the oil and gas industry.
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The MoU between Saudi Aramco and ADNOC was signed by UAE Minister of State and ADNOC Group CEO Dr Sultan Ahmed Al Jaber and Saudi Aramco president and CEO Amin H Nasser.
Dr Al Jaber said: “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.”
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By GlobalDataUnder the MoU, both companies agreed to collaborate to identify and develop technologies that can improve operational performance and efficiency across the oil and gas value chain.
Amin H. Nasser said: “Saudi Aramco and ADNOC have a long history of enabling growth, development and innovation.
“Saudi Aramco's MoU with ADNOC will further strengthen and advance our joint goals for research and development in sustainable energy supply, development and management.
“Collaboration is crucial for success in achieving breakthroughs in our industry and we welcome ADNOC to be part of our network of collaborative relationships with leading energy companies and institutions.”
Saudi Aramco also signed another MoU with Masdar, Abu Dhabi’s renewable energy company.
Under this agreement, both companies will co-operate on sustainable development to renewable energy to advance their clean electricity production and carbon capture.
Image: The MoU signing ceremony between Saudi Aramco and ADNOC. Photo: courtesy of Saudi Aramco.
