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UAE, Saudi Energy Giants Ink Deal Aimed at Growing Gas Revenues

Abu Dhabi National Oil Company and Saudi Aramco sign agreement to explore potential opportunities for collaboration in gas sector Abu Dhabi National Oil Company (ADNOC) signed on Monday a framework agreement with Saudi Aramco to explore potential opportunities for collaboration in the natural gas and liquefied natural gas (LNG) sectors.

 

The cooperation brings together two of the world’s biggest energy producers from the Gulf to work together in an area of strategic importance for both companies as they seek to boost revenues from natural gas and LNG business segments.

 

The agreement was signed by Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Amin Nasser, Saudi Aramco president and CEO.

 

 

Under the terms of the agreement, ADNOC and Aramco will jointly assess investment opportunities across the LNG value chain that could unlock value and drive revenue growth for both companies. They will partner on techno-economic feasibility studies and exchange knowledge and experience in LNG growth markets.

 

Al Jaber said: “The UAE and the Kingdom of Saudi Arabia have a strong relationship built on shared strategic interests. Increased cooperation between ADNOC and Saudi Aramco will ensure greater energy security and long-term economic prosperity for both nations.

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