It was signed by "ADNOC" and "GS Energy" of Korea
An agreement to develop the hydrogen economy in Abu Dhabi and the export of tanker fuel
The Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its Group of Companies, Dr. Sultan Ahmed Al-Jaber, met during a virtual working visit to South Korea with the Korean Minister of Trade, Industry and Energy, Yoonmu Song. During the visit, an agreement was signed between ADNOC and the “Group” Korea's GS Energy, to explore opportunities in the field of developing the hydrogen economy in Abu Dhabi and exporting tanker fuel.
"ADNOC" said in a statement yesterday that during the meeting, which was attended by Chairman and CEO of the "GS Energy" Group, Yongsu Huo, opportunities for strengthening economic partnership and efforts to limit the repercussions of climate change, in addition to enhancing industrial cooperation, were discussed. By developing promising opportunities in the hydrogen field, by taking advantage of the strong friendship between the two countries.
Al-Jaber said, "The UAE has close strategic relations with the Republic of Korea, which include multiple sectors," noting that the new agreement is an extension of the historic partnership between ADNOC and GS Energy.
He added that “our cooperation relations extend to include partnership in the oil and gas sector, as Korean companies are among the most important partners of (ADNOC) in a number of concession areas in the Emirate of Abu Dhabi, and Korean contracting companies also make significant and important contributions to our projects in various stages of oil and gas business. Korea currently imports about 10% of its crude oil needs from the UAE ».
Al-Jaber continued: “As part of our continuous endeavor to benefit from successful partnership relations, we are looking forward to expanding cooperation with our partners in the (GS Energy) Group, by studying investment opportunities in the emerging blue hydrogen sector in the Emirate of Abu Dhabi, as well as in the field of refining and petrochemicals in Ruwais.” .
For his part, the Chairman and CEO of "GS Energy" said: “As a shareholder and partner in the exploration and production concessions at ADNOC, we are happy to sign this agreement, and are very excited to enhance cooperation through joint work, to take advantage of the opportunities provided by the hydrogen sector. Blue ».
He added that ADNOC and a number of Emirati institutions and companies have a proven track record of strategic partnerships with Korean companies spanning several decades, including, for example, the partnership that was recently concluded between (GS Energy) and the (Intercontinental) Stock Exchange for the launch of (Bursa). Abu Dhabi Intercontinental Futures Contracts) ».
It is noteworthy that the agreement signed by ADNOC with GS Energy strengthens the foundations for cooperation in the field of low-carbon energy and innovation, by focusing on opportunities for growth and development in the fields of blue hydrogen and tanker fuels, which have broad prospects for growth and development as part of diversification efforts. Global Energy Mix.
The agreement also contributes to building more partnerships, enhancing cooperation between the UAE and Korea, and taking advantage of opportunities that contribute to enhancing industrial cooperation.
The virtual work visit to Korea included presentations from representatives of the UAE Ministry of Industry and Advanced Technology, Masdar Company, Mohammed Bin Zayed University for Artificial Intelligence, and executives from ADNOC departments.
agreement was concluded during a virtual working visit by Al-Jaber, during which he met with the Minister of Trade, Industry and Energy of Korea.
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