Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), has concluded bilateral meetings with government officials and CEOs of Chinese companies during a visit to the People’s Republic of China.
Dr. Al Jaber’s visit builds on the industry and energy outcomes from the successful state visit made by President His Highness Sheikh Mohamed bin Zayed Al Nahyan to China in May, which witnessed the celebration of the 40th anniversary UAE-China diplomatic relations.
During the visit, agreements and MoUs were signed in vital areas and sectors of common interest, within the framework of the Comprehensive Strategic Partnership (CSP).
During the visit, Dr. Sultan Al Jaber met with Ding Xuexiang, Chinese Vice Premier; Zhao Chenxin, Vice Chairman of the National Development and Reform Commission (NDRC), and Xuande Wu, Mayor of Fuzhou. The meetings were also attended by Hussain Al Hammadi, UAE Ambassador to China.
Dr. Al Jaber conveyed greetings of the UAE leadership and extended its wishes to the government and people of the People’s Republic of China for further progress and prosperity. The two sides also discussed ways to enhance cooperation and partnership between the two countries in key areas such as Oil and Gas, Petrochemicals, Renewable Energy, PV Manufacturing, logistical services, shipping, and storage, among others.
Dr. Al Jaber said that the UAE and China have close relations based on mutual respect, a shared vision, and sustainable economic interests, thanks to the directives of the leadership of the two countries and their keenness to strengthen bilateral cooperation.
Al Jaber added that his visit reaffirms the UAE’s commitment to collaborating with partners, exploring new opportunities for collaboration in vital fields, and building on the positive discussions that took place during President His Highness Sheikh Mohamed bin Zayed Al Nahyan’s visit in May.
China is one of UAE’s strategic partners, playing a vital role in strengthening partnerships and initiatives that support sustainable economic development. China is also among the most significant markets for ADNOC, for its production of crude oil, refined products, and petrochemicals. UAE will remain a partner for China for its role as a reliable energy supplier.
Al Jaber also indicated the importance of strengthening collaboration and leveraging economically viable opportunities and strategic partnerships to achieve mutual and sustainable benefits for both countries in all fields, including oil and gas, renewable energy, shipping, and storage.
During the meetings with representatives of the Chinese government, Dr. Sultan Al Jaber expressed his aspiration to achieve greater cooperation by creating new opportunities in the priority sectors of both countries, aiming to serve common interests and enhancing existing cooperation within the CSP framework.
He also met with CEOs of leading companies in energy, petrochemical, renewable energy, manufacturing, shipping and logistics. The meetings focused on enhancing cooperation and exploring new joint investment opportunities in oil and gas, renewable energy, logistics, manufacturing of solar panels and batteries.
The meetings with private sector companies witnessed the signing of strategic agreements with the Chinese side, including; the announcement of two agreements between ADNOC Logistics and Services and Wanhua Chemical Group’s join venture AW Shipping, Jiangnan Shipyard, and China Shipbuilding Trading (CSTC), to construct nine Very Large Ethane Carriers, priced at approximately $1.4 billion, and construct two to four Very Large Ammonia Carriers priced at $250 million to $500 million.
This was in addition to a strategic cooperation agreement between ADNOC and CNPC across the energy value chain, including low-carbon solutions, liquefied natural gas, oil and gas exploration and development, advanced technologies, refining, marketing and trading; a strategic collaboration agreement between ADNOC and CNOOC to explore opportunities in new energies and low-carbon solutions international gas and LNG ventures, oil and gas activities and marketing, sales and trading projects.
A project collaboration agreement was also signed between a consortium comprising ADNOC, Borealis, and Borouge with Wanhua Chemical Group and Wanrong New Materials, for a feasibility study to establish a specialty polyolefins complex in China.
