ADNOC and Pertamina sign agreement in oil and gas development

The Abu Dhabi National Oil Company, ADNOC, signed a Comprehensive Strategic Framework, CSF, with Indonesia’s energy company, PT Pertamina, Persero, to explore opportunities for collaboration across the oil and gas value chain in the United Arab Emirates, Indonesia and globally.

The signing of the agreement took place in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Force and Joko Widodo, President of Indonesia.

Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Nicke Widyawati, President Director and CEO of Pertamina signed the agreement.

As part of the CSF, ADNOC and Pertamina will evaluate collaboration opportunities across the upstream, midstream and downstream sectors. The scope of projects under consideration includes participation in the UAE’s upstream oil and gas sector, as well as refining and petrochemicals, LNG, LPG, aviation fuel and fuel retail opportunities in Indonesia. In addition, the two partners will explore other forms of strategic collaboration with respect to opportunities across transportation, trading and storage in the UAE, Indonesia and globally.

Pertamina is the state-owned energy company of Indonesia. The company operates an integrated business in the energy sector in Indonesia and is expanding its overseas presence. The company produces and distributes energy products such as fuel, lubricants, LPG, LNG, and petrochemicals. Currently, Pertamina owns six oil refineries in Indonesia with a combined production capacity of 1.1 million barrels of oil per day (mmbpd). At the same time, the company is developing renewable energy from many potential resources in the country.

Dr. Al Jaber said, “We are pleased to sign this agreement with Pertamina today, building on the strong existing relationship between our two countries. Indonesia has a thriving industrial base and is a rapidly growing market for energy. We see significant opportunity for collaboration between our two companies and the development of projects that meet our joint strategic objectives.”

He added, “This collaboration with Pertamina further demonstrates ADNOC’s drive to unlock value from across our entire portfolio and our ambition to expand our international investments to become a truly global energy company.”

Source / More : Emirates News Agency

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