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Saudi Aramco signs MoUs with ADNOC and Masdar

Companies to collaborate on renewable energy, sustainable development and carbon management, among other things.

| | Apr 2, 2017 | 11:12 pm
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Abu Dhabi, UAE: Saudi Arabian Oil Company, Saudi Aramco has signed two separate Memorandums of Understanding (MoUs) with Abu Dhabi National Oil Company (ADNOC) and with Masdar, Abu Dhabi’s renewable energy company, covering energy and technology collaboration, renewables and carbon management, according to a press release available on Masdar’s website.

Under the terms of the MoU between ADNOC and Saudi Aramco, the press release said that the two companies will collaborate on identifying technologies that could deliver improved operational performance and efficiency across the oil and gas value chain.

The MoU was signed by H.E. Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Amin H Nasser, President and CEO of Saudi Aramco.

“This agreement,” Dr Al Jaber said, “reinforces our renewed approach to partnerships, which are aimed at leveraging and building on existing industry expertise. Innovation and technology are critical to our growth strategy, and there is a strong focus on integrating new technologies into our upstream and downstream operations, as we work to harness maximum value.”

Welcoming the partnership, Nasser said that the collaboration between the companies will strengthen the existing links and foster a culture of knowledge sharing.

Furthermore, the press release revealed that Saudi Aramco had also signed a MoU with Masdar, Abu Dhabi Future Energy Company. Under the terms of the agreement, Masdar and Saudi Aramco, the press releases added, 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.

The MoU was signed by Yasser Mufti, Executive Director for New Business Development at Saudi Aramco and Mohamed Jameel Al Ramahi, Chief Executive Officer (CEO) of Masdar.

“Saudi Aramco welcomes the MoU with Masdar,” said Yasser Mufti, Executive Director for New Business Development at Saudi Aramco. “We are embarking on an ambitious program in sustainable energy, including renewables and CO2 capturing and are also supporting the research and development efforts of various organizations and institutes in the Kingdom to promote renewables use in power generation and water desalination. This MoU will facilitate cooperation in research and development, education and sustainable awareness, on the basis of each company’s experience in the development and deployment of sustainability programs.”

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