UAE, Russian firms sign agreements
abu dhabi — Leading UAE companies signed various deals to promote bilateral trade and investment with Russian counterparts during a visit of Russian President Vladimir Putin to the UAE.
Mubadala Investment Company and Russian Direct Investment Fund (RDIF) have announced a series of 6 cooperation agreements as part of their successful long-term investment partnership that began in 2013.
The six new cooperation agreements cover a wide range of sectors that are central to the Russian economy. They include advanced technologies, artificial intelligence, healthcare, transport and logistics.
“The 6 collaboration agreements announced today demonstrate the strength of the multidimensional relationship that continues to flourish between RDIF and Mubadala as a symbol of the much deeper bond between our two nations. We remain committed to supporting these new initiatives and to maintaining our productive partnership with RDIF in the long term,” said Khaldoon Khalifa Al Mubarak, Mubadala Group chief executive officer and managing director. The collaboration between RDIF and Mubadala began in 2013 when a joint $7 billion (Dh25 billion) co-investment platform was created. More than 45 investments have been jointly made by RDIF and Mubadala with an aggregate value in excess of $2 billion (Dh7 billion).
“The investments we make are aimed at advancing all the key areas of the economy, as well as enhancing living standards in Russia. RDIF is dedicated to bringing these six cooperation agreements to fruition, by raising capital and through engaging the expertise of international partners such as Mubadala,” said Kirill Dmitriev, CEO of RDIF.
Adnoc strategic deal
Meanwhile, the Abu Dhabi National Oil Company (Adnoc) also signed a comprehensive strategic framework agreement with the Federal State Budgetary Organisation — Russian Energy Agency by the Ministry of Energy of the Russian Federation (REA) to explore new opportunities for collaboration across the oil and gas value chain.
The agreement highlights the strength of the UAE-Russia bilateral relations and underpins Adnoc’s expanded approach to partnerships that is enabling it to unlock and maximise value across its entire portfolio. Abdulmunim Saif Al Kindy, Adnoc Upstream executive director and Oleg Valerievich Zhdaneev, head of Technology Development Division at REA, signed the agreement.
Under the terms of the agreement, Adnoc and REA will jointly explore opportunities for collaboration in relation to Abu Dhabi’s exploration and production concessions. This potential for collaboration in relation to Abu Dhabi’s exploration and production concessions builds on the momentum of the successful conclusion of Abu Dhabi’s debut competitive exploration and production bid round. It also recognises Abu Dhabi’s abundant untapped oil and gas resources and the UAE’s stable and trusted business environment.
In addition, the two partners will jointly assess strategic opportunities for collaboration in the downstream sector, including refining and petrochemicals opportunities in Abu Dhabi and internationally. This cooperation complements ADNOC’s strategy to create a more valuable downstream business as drives its downstream expansion plans and stretches the dollar from every barrel of oil it produces.
At the heart of ADNOC’s downstream expansion strategy is a US$45 billion investment plan aimed at creating the world’s largest integrated refining and petrochemicals complex in Ruwais, located in the Emirate of Abu Dhabi, which will see the company triple production of petrochemicals to 14.4 million tonnes per annum by 2025.