Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) signed a framework agreement to explore opportunities for collaboration in the natural gas and liquefied natural gas (LNG) sector.
Both companies seek to boost revenues from the natural gas and LNG business segments, Saudi Aramco said in a statement.
Saudi Aramco and ADNOC will jointly assess investment opportunities across the natural gas and LNG value chain, exchange technical knowledge and expertise in natural gas and LNG growth markets.
Speaking of the agreement Amin Nasser , Saudi Aramco President and CEO said, “We have shared strategic interest to expand our gas businesses, and this new agreement underlines our confidence in strong global gas demand growth.”
Ahmed Al Jaber , UAE Minister of State and ADNOC Group CEO, added that the agreement will ensure that the companies are positioned to secure greater returns from global natural gas and LNG demand growth.
Saudi Aramco’s statement notes the LNG is the fastest-growing hydrocarbon with a growth rate of 4 percent per annum. It is expected to exceed 500 million tons per annum by 2035, up from nearly 300 million tons per annum in 2017.