Page 11 - MEOG Week 28

MEOG
neWs in Brief
MEOG
PoLiCy
UAE minister in visit to Moscow
His excellency dr. Sultan Ahmed Al Jaber, UAe Minister of State and Group Ceo of
the Abu dhabi national oil Co. (AdnoC) met with His excellency Alexander novak, Minister of energy of the Russian Federation, during a visit to Moscow, as AdnoC explores opportunities to expand its strategic partnership and investment base across its entire value chain.
during the meeting, H.e. dr. Al Jaber conveyed the greetings of the UAe leadership to the government and people of Russia and rea rmed the deep-rooted ties between both countries, stressing the keenness of the UAe to strengthen bilateral relations. Bilateral trade between Russia and the UAe topped 11 billion Aed last year, a 21 per cent increase on the previous year. Relations were further strengthened last year when HH Sheikh Mohammad Bin Zayed Al nahyan, Crown Prince of Abu dhabi and deputy Supreme Commander of the UAe Armed Forces met President Putin and both leaders signed a declaration of strategic partnership covering political, security and economic spheres.
In today’s meeting Minister novak, H.e. dr. Al Jaber noted his appreciation for Russia’s role in the oPeC/ non oPeC Cooperation Agreement, which continues to have a positive impact on balancing oil markets.
dr. Sultan elaborated on AdnoC’s ongoing transformation, centered on maximizing value, and expanding the company’s strategic partnership base to stay ahead of the world’s growing demand for energy.
H.e. dr. Al Jaber said: “ is visit re ects the strong and friendly ties between the UAe and Russia. As our countries continue to build on strong trade relations, there is
signi cant potential for collaboration in the energy sector. AdnoC is open to exploring partnership and co-investment opportunities with Russian energy companies across the full value chain where they make economic sense and drive signi cant returns for both sides.
“As we respond to the evolving energy landscape, driven by growing demand particularly in Asia, AdnoC is forging
ties with new partners from around the world, who share our creative vision and are prepared to put skin in the game through capital, technology and market access.”
e expanded approach to partnership
is a key element of AdnoC’s 2030 smart growth strategy, focused on growth and opportunity across the upstream and downstream business. AdnoC is on track to increase its crude oil production capacity to 4 million barrels per day (mmbpd) by 2020, and 5mmbpd by 2030, while becoming self-su cient and eventually a net exporter of natural gas. In addition, a signi cant expansion of the downstream business is underway, centered on the Ruwais industrial hub, where substantial foreign direct investment has already been attracted with the aim of creating the world’s largest fully integrated re ning and petrochemicals complex.
adnoC
serViCes
SPARK signs agreement with Oilfields Supply Center
King Salman energy Park (SPARK) and dubai-based oil elds Supply Center Ltd. (oSC) today signed an agreement to establish oSC as an anchor tenant at SPARK, an energy city megaproject which will cement Saudi Arabia’s position as a global energy, industrial
and technology hub.
In collaboration with Saudi Aramco, oSC
will develop a business incubator, called
the Common User Supply Base (CUSB)
to support the oil and gas industry in the Kingdom and the region, as well as help accelerate the growth of small and medium- sized enterprises (SMes) in the energy sector. oSC plans to invest around $450 million over the next two years, contributing to SPARK’s objective of localizing more than 300 new industrial and service facilities.
e CUSB will be an industrial facility
that provides industrial buildings of various sizes to host companies and supply them with integrated services such as logistics, technical engineering services and business support. e center will be the rst of its kind in Saudi Arabia and the largest in the region with a footprint of over 1 million square meters and a potential expansion of an additional 500,000 square meters.
e agreement was signed by Mohammed Y. Qahtani, SPARK Chairman and Saudi Aramco Senior Vice President for Upstream, and Muneeb Abdulrazzaq Al Kazim, General Manager of oil elds Supply Company Saudi Arabia, in the presence of Amin H. nasser, Saudi Aramco President and Ceo, and Iqbal Mohammad Abedin, Ceo of oil elds Supply Center Ltd.
Commenting on the agreement, Saudi Aramco President & Ceo Amin H. nasser, said: “oSC’s investment marks an important step in SPARK’s journey to become an integrated energy, industrial, technology and services hub. It will contribute to supply chain localization, boost job creation and support the overall advancement of the Kingdom’s energy sector.“
He added: “oSC’s rm commitment is a strong vote of con dence on SPARK’s value proposition in attracting global and regional companies. eir participation will help advance our strategy to enable the growth of a
Week 28 16•July•2019
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