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UAE, Saudi oil giants join hands to develop technologies

Xinhua, April 2, 2017 Adjust font size:

Abu Dhabi National Oil Company signed Memoranda of Understanding (MoU) in Abu Dhabi on Sunday with Saudi Arabian Oil Company to collaborate on technology collaboration, UAE state news agency WAM reported.

Under the terms of the MoU between the two government-controlled entities, ADNOC and Saudi Aramco will collaborate on identifying technologies that could deliver "improved operational performance and efficiency across the oil and gas value chain," said the report.

Al-Jaber said "The UAE and the Kingdom of Saudi Arabia share many strategic objectives, and increased cooperation between ADNOC and Saudi Aramco will further ensure our long-term economic and energy resilience."

Abu Dhabi boasts 90 percent of the oil reserves in the UAE, while the Gulf state as a whole harbours seven percent of the world's known oil reserves.

Saudi Arabia has the second largest known oil reserves in the world.

Saudi Aramco's Nasser said ADNOC and Saudi Aramco, which plans to list five percent in a stock market going public in the second half of 2018, have "successful records" of investing in technology.

"In addition to their in-house networks, both companies have a wide range of collaborative relationships, at home and abroad, with leading energy institutions," he added.

Saudi Aramco also signed an MoU with Abu Dhabi's green energy firm Masdar, where the parties will collaborate on sustainable development and renewable energy to yield advancements in clean electricity generation, and carbon capture for Saudi Arabia, the UAE and the world.

Masdar (Arabic for "resource") is owned by the Abu Dhabi government investment vehicle Mubadala, is a commercially driven renewable energy firm.

Earlier in January, the UAE Vice President, Prime Minister and Ruler of Dubai, said the UAE will invest 600 billion dirham (163.50 billion U.S. dollars) into renewable energy until 2050.

By then, solar energy, wind power and clean coal shall contribute half of the Gulf state's energy mix, up from a mere one percent as of today. Endit