Abu Dhabi, November 13 - Neftegaz.RU. ADNOC signed a framework agreement with Saudi Aramco to explore potential opportunities for collaboration in the natural gas and LNG sectors.
The cooperation brings together 2 of the world’s biggest energy producers from the Gulf to work together in an area of strategic importance for both companies as they seek to boost revenues from natural gas and LNG business segments. The agreement was signed by Ahmed Al Jaber, UAE Minister of State and ADNOC CEO, and Amin Nasser, Saudi Aramco CEO.
The framework agreement follows the announcement that Abu Dhabi’s Supreme Petroleum Council has approved ADNOC’s new integrated gas strategy that will sustain LNG production to 2040 and allow ADNOC to seize incremental LNG and gas-to-chemicals growth opportunities – where they arise – from the UAE’s dynamic demand/supply position and evolving energy mix.
LNG is the fastest-growing hydrocarbon with a growth rate of 4 % per year, twice that of natural gas. Global LNG demand is expected to exceed 500 million tons per year by 2035, up from nearly 300 million tons per year in 2017.