Adnoc and Chinese Energy Firms Partner For low-carbon and LNG ventures

Abu Dhabi National Oil Company (ADNOC) has entered strategic agreements with two Chinese energy firms to work together on low-carbon energy solutions. The Abu Dhabi state-run energy company announced a fresh agreement with China National Offshore Oil Company to seek potentials in new energy initiatives, low-carbon solutions, liquefied natural gas endeavors, oil and gas operations, and trading ventures.

In the meantime, a deal with China National Petroleum Corporation will emphasize the energy value chain, which includes low-carbon solutions, LNG, oil and gas exploration, advanced technologies, refining, marketing, and trading. During his visit to China this week, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc, signed the agreements.

Dr. Al Jaber mentioned that China is one of the most important markets for Adnoc, due to its supply of crude oil, refined products, and petrochemicals. He stressed that the UAE will continue to be a collaborator for China as a dependable provider of energy, underscoring the significance of strategic alliances in multiple sectors such as oil and gas, renewable energy, shipping, and storage.

The two parties also talked about increasing cooperation in important sectors like petrochemicals, renewable energy, photovoltaic manufacturing, logistics, shipping, and storage. The deals represent a key milestone in the UAE's ongoing push to enhance its energy relationships with China, a major trading ally.

According to official data, bilateral trade increased by 7.5 percent each year, hitting $95 billion in the past year, with $83 billion attributed to non-oil trade. Both economies have the goal of achieving a $200 billion target by the year 2030.