RIYADH: The Abu Dhabi National Oil Co. (ADNOC), is exploring opportunities for further cooperation in energy and petrochemicals with Saudi Arabia, it emerged at the Future Investment Initiative (FII) conference in Riyadh.
Sultan Al-Jaber, the chief executive of ADNOC and UAE minister of state, told Arab News that the investment potential in the Kingdom was “enormous,” and that he was interested in growing energy and other links between the two countries.
The biggest example of joint Saudi-UAE cooperation to date is the co-investment in the $44 billion refinery at Ratnagiri in India, which will provide an outlet for Arabian crude in the subcontinent and an entry to one of the fastest-growing refining and petrochemicals markets in the world.
Al-Jaber said Ratnagiri was “an example of the growing energy links between Saudi Arabia and the UAE, links which I am sure will grow stronger and deepen over time.”
“Saudi Arabia is the largest oil producer in the world, and is taking significant steps to transform its economy to ensure its long-term sustainable development and prosperity. The Vision 2030 plan is ambitious, bold and achievable,” he said.
“Most importantly, Saudi Arabia’s economic transformation will have far-reaching benefits, not only for the Kingdom, but for our region and for the entire world. Economic diversification is the name of the game.
“I have been impressed by the progress being made by the Kingdom to become a global economic powerhouse, and to use its investment strength to create a more diverse and sustainable economy. Particularly impressive is the investments it is making in unlocking the potential of the true architects of the future, the next generation,” he added.
Saudi Arabia and the UAE have grown increasingly close recently in the face of common security concerns and energy market issues. Al-Jaber made it clear that relationship will only get closer.
“Saudi Arabia and the UAE share a common understanding that the shifting global trends are creating an energy landscape where new rules of engagement are required. In this new energy era, we need to adopt more creative strategies and more flexible business models to unlock and maximize value and invest in growth,” he said.
The ADNOC chief said that the FII gathering was “an important and unique forum to meet with decision-makers, policy influencers and existing and potential partners and explore with them the trends impacting industrial development.”
He added: “Saudi Arabia is leading the region in terms of the progressive steps it is taking to develop the entire value chain of the hydrocarbon industry and wisely use its resource wealth to develop a fully diversified economy.
“The FII provides an essential platform to explore innovative ideas that can be taken to scale across the entire region. It is also a great platform to connect to opportunities beyond the Middle East.
“The expanding global energy map holds great potential for energy companies that are willing to adapt and transform. But, in order to make the most of these opportunities, we must work alongside innovative, commercial, financially savvy strategic investors and value-adding partnerships to enable our ambitious smart growth plans.
“The FII conference was an ideal opportunity to connect with potential partners who can provide the technology, know-how and market access we will need to thrive in the evolving energy landscape.
“I have no doubt Saudi Arabia will be successful in delivering a fully diversified and strong economic future, one that provides opportunities and long-term prosperity for all its citizens,” he added.