UAE: Business Strategy Russia and UAE May Explore Opportunities for Energy Collaboration
Alexander Novak, Minister of Energy of the Russian Federation and His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company met in Abu Dhabi to explore the potential opportunities for collaboration between both the countries.
Abu Dhabi/UAE – His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company (Adnoc) and His Excellency, Alexander Novak, Minister of Energy of the Russian Federation recently met. The high profile meeting was held to explore potential opportunities for collaboration as Adnoc seeks to expand its strategic partnership and investment base across its entire value chain.
The discussions between H.E. Dr. Al Jaber and H.E. Novak coincided with the 24th meeting of the World Energy Congress in Abu Dhabi and builds on a previous meeting, which took place in July 2019 in Moscow, Russia.
H.E. Dr. Al Jaber said: “Building on the strong bilateral relationship, which exists between the UAE and Russia, there is significant potential for further collaboration on energy issues. Adnoc is open to exploring partnership and co-investment opportunities across the full value chain as we seek to develop ties with new global partners who share our vision and determination to forge strategic, value added and commercial partnerships.”
During the visit, H.E. Novak was given a tour of Abu Dhabi and visited Adnoc’s pioneering Panorama Digital Command Center to see how Adnoc is using big data technologies and artificial intelligence (AI) to help extract maximum value from its assets and resources.
H.E. Alexander Novak noted that the Russian Federation is keen to explore partnership opportunities across the entire upstream and downstream energy sector with the UAE. “Co-operation in the field of energy has enormous potential. Promising areas for collaboration between companies from Russia and the UAE lie in the development of trading activities in hydrocarbon as well as joint projects in the field of mining and trading.”
The Panorama Digital Command Center draws from a massive set of data points across the company visualising it on a state of the art 50-meter wide video wall to provide a single point to Adnoc’s real time performance. Using smart analytical models and increasingly leveraging advanced AI platforms, it uses big data to generate operational insights and recommend new, integrated pathways to optimise and enhance performance and create additional value. The center aggregates accurate, real time information from Adnoc’s operations and businesses, presenting data at a Group-wide level and also offers access to information from individual assets.
The Russian Federation has the largest natural gas reserves and the eighth largest oil reserves of any country in the world. Bilateral trade between Russia and the UAE increased by 21 per cent in 2018 (Approximately 3 billion dollars). Relations were further strengthened last year when HH Sheikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces met President Putin. Both the leaders signed a declaration of strategic partnership covering political, security and economic spheres.
The expanded approach to partnership is a key element of Adnoc’s 2030 smart growth strategy, focused on growth and opportunity across the upstream and downstream businesses.