ADNOC Group CEO Dr. Sultan Al Jaber met with Russian Energy Minister Alexander Novak in Moscow as ADNOC looks to expand its partnership and investment base.
“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,” Al Jaber said.
Russia has been a strategic partner to the Organisation of Petroleum Exporting Countries (OPEC), and was key to the agreement betwen OPEC and its allies to cut production by 1.2mn barrels per day, which was extended for nine months in early July.
“This visit reflects the strong and friendly ties between the UAE and Russia. As our countries continue to build on strong trade relations, there is significant potential for collaboration in the energy sector," Al Jaber said. "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 significant returns for both sides."
ADNOC Group has taken a strong stance on increasing foreign partnership and investment as part of its 2030 smart growth strategy. This strategy outlines growth in production capacity to 4mn barrels per day (bpd) by 2020, and 5mbpd by 2030. It also includes an increased focus on natural gas and downstream opportunities.