Saudi Aramco inks MoUs with Adnoc, Masdar

Abu Dhabi

ABU DHABI, April 3, 2017 – Saudi Aramco on Sunday entered into Memorandums of Understanding with Abu Dhabi National Oil Company (Adnoc) and Mubadala subsidiary Masdar, the emirate’s renewable energy initiative incubator.

Aramco and Adnoc will focus their efforts on new technologies aimed at increasing operational performance.

According to Adnoc CEO Sultan Ahmed Al Jaber, Saudi Aramco was a natural partner for the initiative.

“We share many strategic objectives and increased cooperation between ADNOC and Saudi Aramco will further ensure our long term economic and energy resilience,” he said in a joint press release.

His counterpart at Saudi Aramco, Amin H. Nasser, said, “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.”

Saudi Aramco Executive Director for New Business Development Yasser Mufti and Masdar CEO Mohamed Jameel Al Ramahi were the parties to Sunday’s second MoU.

The terms of the MoU with Masdar will bring collaboration on sustainable development and renewable energy in hopes of advancing clean energy generation and carbon capture.

According to Mutfi, the MoU 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.”

The signing comes weeks after news that Saudi Aramco is considering investments of as much as USD 5 billion in renewable energy firms in efforts to diversify the country’s production from crude oil.

Al Ramahi, on his part, added: ““Working with Saudi Aramco will provide substantial insight into their unparalleled experience of deploying large-scale energy projects, while at the same time 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.”