Adnoc, Aramco explore gas, LNG tie-ups

ABU DHABI / WAM

The 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 leading energy producers from the Arabian 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 bin Ahmad Sultan Al Jaber, 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.
Dr 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.”

Adnoc signs deal to store crude oil at Indian facility
ABU DHABI / WAM

The Abu Dhabi National Oil Company (Adnoc) signed an MoU with the Indian Strategic Petroleum Reserves (ISPRL) to explore possibility of storing Adnoc crude oil at ISPRL’s underground oil storage facility at Padur in Karnataka, which has a 2.5 million tonne capacity.
Under the agreement, Adn-oc could store crude in two compartments at Padur.
The MoU with ISPRL, an Indian government-owned company mandated to store crude oil for emergency needs, follows the arrival on November 4, of the final shipment of the initial delivery
of Adnoc crude to be stored in another ISPRL underground facility at Mangalore, also in Karnataka, which will store 5.86 million barrels of Adnoc crude oil.