Moscow, July 11 - Neftegaz.RU. According to Emirates News AgencySultan bin Ahmad Sultan Al Jaber, CEO of the Abu Dhabi National Oil Company (ADNOC), met with Alexander Novak, Russian Minister of Energy, during a visit to Moscow, as ADNOC explores opportunities to expand its strategic partnership and investment base across its entire value chain.
Bilateral trade between the UAE and Russia topped AED 11 billion last year, a 21 % increase on the previous year. Al Jaber noted his appreciation for Russia's role in the OPEC Agreement, which continues to have a positive impact on balancing oil markets.
Al Jaber said, "This visit reflects the strong and friendly ties between the UAE and Russia. As our countries continue to build on strong trade relations, there is significant potential for collaboration in the energy sector. ADNOC is open to exploring partnership and co-investment opportunities with Russian energy companies across the full value chain where they make economic sense and drive significant returns for both sides.
The expanded approach to partnership is a key element of ADNOC's 2030 smart growth strategy, focused on growth and opportunity across the upstream and downstream business. ADNOC is on track to increase its crude oil production capacity to 4 million barrels per day (mmbpd) by 2020, and 5mmbpd by 2030, while becoming self-sufficient and eventually a net exporter of natural gas.
In addition, a significant expansion of the downstream business is underway, centred on the Ruwais industrial hub, where substantial foreign direct investment has already been attracted with the aim of creating the world's largest fully integrated refining and petrochemicals complex.