Adnoc and Mubadala to jointly explore downstream investments

The National
14 Nov 2018

The framework agreement builds on Mubadala’s diverse portfolio of refining and petrochemicals assets across the globe

Abu Dhabi National Oil Company and the strategic investment firm Mubadala Investment Company will explore downstream investment opportunities across the globe.

Adnoc and Mubadala on Wednesday signed a framework agreement that also builds on latter’s diverse portfolio of refining and petrochemicals assets, it said in a statement on Wednesday.

“This agreement is a natural evolution of the close relationship between Adnoc and Mubadala,” said Abdulaziz Alhajri, director of Adnoc’s downstream. “It will ensure that, in partnership, we continue to maximise value from our hydrocarbon resources, in line with the leadership’s directives of stretching the value of every barrel of oil we produce.”

The announcement is the latest in a string of deals and agreements signed by Adnoc over the first three days of the Abu Dhabi International Petroleum Exhibition and Conference being held in Abu Dhabi.

On day one, Adnoc signed an agreement with Saudi Aramco, the world’s biggest crude producing company, to explore investments in natural gas and liquefied natural gas sector as the two look to expand their revenue base.

Adnoc also signed a deal with the state-backed Indian Strategic Petroleum Reserves to store its crude at the firm’s underground oil storage facilities in India. The state producer also formalised an agreement with Uzbek company Uzbekneftegaz to provide strategic advice on upstream and downstream operations.