Petronas collaborates with UAE energy firms
PETROLIAM Nasional Bhd (Petronas) has inked two memoranda of understanding (MoUs) with United Arab Emirates (UAE)-based Abu Dhabi National Oil Co (ADNOC) and Masdar, or Abu Dhabi Future Energy Co, to pursue collaborations across the energy value chain.
Petronas said the MoUs span the entire oil and gas (O&G) value chain where ADNOC offered Petronas to seek opportunities and collaborate in the exploration, development and production of Abu Dhabi’s significant conventional and unconventional resources.
“The scope extends into potential research and development, and applied technology cooperation in enhanced hydrocarbon recovery, carbon capture, utilisation and storage, gas sustainability, specialty chemicals, unconventional resources and hydrogen technologies,” the state oil firm said in a statement yesterday.
In the downstream sector, Petronas said the partnership with ADNOC will explore cooperation in the trading market, including the supply of crude and feedstock and the offtake of refined products.
“Both parties will also assess domestic and international opportunities to maximise value creation down the chain,” the national petroleum group said.
The MoU was formalised by Petronas president and group CEO Tengku Muhammad Taufik Tengku Aziz (picture) and UAE Minister of Industry and Advanced Technology Dr Sultan Ahmed Al Jaber.
Sultan Ahmed is also ADNOC MD and group CEO. Tengku Muhammad Taufik believes the collaboration with ADNOC will help both organisations pursue value creation through progressive and cleaner energy solutions, as both companies are navigating the challenges of an accelerating energy transition.
“We look forward to working together with ADNOC to address growing energy demand in a responsible and sustainable way,” said Tengku Muhammad Taufik.
Sultan Ahmed said the agreement offers potential opportunities for both companies to unlock and create value across the full O&G value chain in shaping businesses for a post-Covid economy.
Meanwhile, the MoU between Petronas and Masdar, a global leader in renewable energy (RE), will see both companies build greater access to clean energy solutions.
Wholly owned by Mubadala Investment Co, Masdar will work with Petronas to pursue clean energy projects across Asia and the Middle East, covering RE and green hydrogen.
The MoU was signed by Masdar CEO Mohamed Jameel Al Ramahi and Petronas Power Sdn Bhd CEO and Petronas head of new energy Dr Jason Mariyappan.
Both parties will explore joint participation in large-scale solar and wind opportunities for utilities, commercial and industrial customers, focusing primarily in Asia.
“The collaboration with Masdar will complement Petronas’ growing renewables portfolio under its RE arm Petronas New Energy, which currently has over 1GW of solar capacity in operation and development in India and SouthEast Asia,” the group said.
The partnership will also explore opportunities for joint production of green hydrogen.
Mohamed Jameel said the agreement is important for Masdar in expanding its presence in the Asian market.
“We see tremendous potential given the region’s rapid economic growth and potential RE resources,” he said.
Source: themalaysianreserve
