03/04/2017 05:04 AST
Saudi Aramco on Sunday signed two separate memorandums of understanding (MoUs) with Abu Dhabi National Oil Co. (ADNOC) and green energy firm Masdar.
Saudi Aramco and ADNOC will collaborate on identifying technologies that could deliver improved operational performance and efficiency across the oil and gas value chain, said a Saudi Aramco press release.
Sultan Ahmed Al-Jaber, UAE Minister of State and ADNOC group CEO and Amin H. Nasser, president and CEO of Saudi Aramco, signed the MoU.
"This agreement reinforces our renewed approach to partnerships, which are aimed at leveraging and building on existing industry expertise," said the UAE minister.
He said: "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."
The Saudi Aramco chief said that collaboration is crucial for success in achieving breakthroughs.
"Saudi Aramco and ADNOC have a long history of enabling growth, development and innovation. Saudi Aramco's MoU with ADNOC will further strengthen and advance our joint goals for research and development in sustainable energy supply, development and management."
Renewables, carbon management
Saudi Aramco also signed a MoU with Masdar, which covers energy and technology collaboration, renewables, and carbon management.
The MoU was signed by Yasser Mufti, executive director for New Business Development at Saudi Aramco and Mohamed Jameel Al-Ramahi, CEO of Masdar.
"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," Mufti said.
"This MoU," he added, "will facilitate cooperation in research and development, education and awareness, on the basis of each company's experience in the development and deployment of sustainability programs."
Masdar chief said that working with Saudi Aramco would provide substantial insight into their unparalleled experience of deploying large-scale energy projects.
"We are honored to be able to share our own significant expertise as a first-mover in large-scale commercial renewable energy development in the Middle East and international markets.
"The growth potential for renewables in Saudi Arabia is vast, and through our partnership, we look forward to supporting the delivery of affordable and sustainable energy in the Kingdom," said Al-Ramahi.
Arab News
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