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The Abu Dhabi National Oil Company (ADNOC) has signed a Master Agreement with Mubadala Development Company (Mubadala) to explore potential growth opportunities by leveraging Mubadala's diversified portfolio of refining and petrochemical assets to support ADNOC's global ambitions for gas, refining and petrochemicals.
The agreement was signed in the presence of HE Mr. Sultan Ahmed Al Jaber, Minister of State and CEO of ADNOC, and Khaldoon Khalifa Al Mubarak, Group CEO and Managing Director of Mubadala Investment Company.
The agreement was signed by Abdulaziz Al-Hajri, Director of Gas, Refining and Petrochemicals at ADNOC and by Musbah Al Kaabi, General Manager of the Petroleum and Petrochemicals Sector of Mubadala, which is currently being held. Abu Dhabi.
"Mubadala has a diversified portfolio of successful international companies in the refining and petrochemical industries," said Musabah Al Kaabi, President and CEO of Mubadala Petroleum & Petrochemicals.
Who have strong partnerships with ADNOC. As both companies belong to the same entity, the government of Abu Dhabi, it is natural that we expand our global cooperation and partnerships, leveraging the technology we have, our knowledge of the markets, our ability to access raw materials and our operational expertise. "
"This agreement is a natural development of the close relationship between ADNOC and Mubadala," said Abdul Aziz Al Hajri, director of gas, refining and petrochemicals at ADNOC. Our continued commitment to capitalizing on Abu Dhabi's hydrocarbon resources is consistent with our leadership guidelines aimed at maximizing the value of every barrel of oil we produce. "We look forward to identifying and investing in mutually beneficial opportunities and ensuring that our products better reach global markets."
Wallet
Mubadala has successfully developed a diversified portfolio of international companies, including OMV, Cepsa, Cosmo Oil, Barco, Nova Chemicals, "Borealis". These companies are characterized by their high technical and commercial capabilities.
According to the agreement, both parties will discuss the processing potential of crude oil and other hydrocarbons produced by ADNOC, as well as the possibility of using the techniques of Mubadala 's subsidiaries to deal with chemicals. other ADNOC products. Thus, this global investment model will strengthen the UAE's ability to ensure the long-term security of its hydrocarbon resources.
Partnerships
ADNOC and Mubadala have a history of successful partnership, which aims to maximize the value of Abu Dhabi's oil and gas resources. Borealis, in which Mubadala holds 67% of the capital, holds 40%. Bruges, a joint venture with ADNOC.
In February 2018, ADNOC signed an agreement under which Cepsa, a wholly-owned subsidiary of Mubadala, acquired a 20% stake in the Sarab and Um Lulu marine concession, followed by another agreement in April with OMV . A wholly owned oil and gas company based in Austria and partially owned by Mubadala has acquired a 20% stake in the same concession.
The strategy
ADNOC launched its new strategy for growth and expansion in the refining and petrochemicals sector by announcing investments of 165 billion dirhams ($ 45 billion), including the modernization of the Ruwais industrial complex, as well as its flexibility and integrated ability to produce larger quantities of high value petrochemicals and refined products, as well as expanding the business globally via ADNOC International.
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