Petronas inks energy collaboration deals with ADNOC and Masdar
Malaysia’s LNG giant Petronas signed two Memoranda of Understanding (MoU) with United Arab Emirates-based Abu Dhabi National Oil Company (ADNOC) and Masdar for collaboration across the energy value chain.
The MoU with ADNOC spans the entire oil and gas value chain.
Petronas will seek opportunities to collaborate in the exploration, development, and production of Abu Dhabi’s significant conventional and unconventional resources. The scope extends into potential research and development and applied technology cooperation in enhanced hydrocarbon recovery, carbon capture, utilisation and storage, gas sustainability, specialty chemicals, unconventional resources, and hydrogen technologies.
Both parties will also assess domestic and international opportunities to maximise value creation down the chain. Another potential is in the area of fuel bunkering and in supporting LNG bunkering vessels at ports in the UAE and the region.
Petronas president and group CEO Tengku Taufik said: “PETRONAS believes the collaboration with ADNOC bears strong testimony to the shared vision of both organisations to pursue value creation through progressive and cleaner energy solutions as we navigate the challenges of an accelerating energy transition. We look forward to working together with ADNOC to address growing energy demand in a responsible and sustainable way.”
The second MoU is between Petronas and Masdar, a global leader in renewable energy. It will see both companies build greater access to clean energy solutions.
Masdar, wholly owned by Mubadala Investment Company, will work with Petronas to pursue clean energy projects across Asia and the Middle East, covering renewable energy and green hydrogen.
Masdar and Petronas will explore participation in large-scale solar and wind opportunities for utilities, commercial and industrial customers, focusing primarily in Asia.
The partnership will also explore opportunities for joint production of green hydrogen.
Tengku Taufik said: “Petronas’ MoU with Masdar marks another milestone in our existing partnership with Mubadala, which will now include a focus on renewables and green hydrogen. We are pleased to collaborate with Masdar which shares the same commitment towards a low-carbon agenda. In line with our Statement of Purpose, we look forward to powering more businesses with cleaner energy solutions, leveraging on our respective geographical and technological strengths to bring more sustainable energy projects to fruition.”
Petronas declared its commitment towards Net Zero Carbon Emissions by 2050 in November 2020.
The MoUs marks a significant milestone in the Malaysia-UAE bilateral relations.