Saudi Aramco, ADNOC sign deal on gas, LNG

Abu Dhabi

ABU DHABI, November 12, 2018 – Abu Dhabi National Oil Company (ADNOC) will collaborate with Saudi Aramco on gas and LNG projects, under an agreement signed on the sidelines of the Abu Dhabi International Exhibition & Conference on Monday.

ADNOC said the agreement would see the NOCs “jointly assess investment opportunities across the LNG value chain that could unlock value and drive revenue growth for both companies.”

Aramco CEO Amin Nasser said the co-operation could include investment in gas production and LNG marketing.

In April 2017, the two companies signed an MoU on co-operation in identifying technologies for improved performance and efficiency in oil and gas operations across the value chain.

While Aramco is not currently involved in gas exports, ADNOC subsidiary ADNOC LNG is a key global player in the field.

Last month, Saudi Minister of Energy, Industry and Mineral Resources Khalid Al Falih said the country plans to acquire a 30% stake in Russia’s USD 21-billion Arctic LNG project.

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