Abu Dhabi’s oil giant inks partnerships with German energy, industry groups as part of UAE’s $46.5 billion investment
Abu Dhabi’s national oil-and-gas company said it signed a raft of deals with a potential investment value of 5 billion euros ($5.81 billion) with German energy and industrial groups, part of a major investment by the United Arab Emirates.
Adnoc said Friday that along with its investment arm XRG and the emirate’s clean-energy company Masdar, it signed initial deals with companies including power firm RWE, Siemens Industrial and Siemens Energy, and industrial groups Covestro and Bosch Middle East.
The deals come as capital-rich UAE looks to invest some 40 billion euros in Europe’s largest economy, where its leaders have been received on a visit this week. The agreements “build on our investments across Germany’s energy and industrial landscape and mark another step forward in greater cooperation that will create new opportunities for both countries,” said Sultan Ahmed Al Jaber, Adnoc’s chief executive and the UAE’s industry minister.
The money would partly pay for data centers with a capacity of up to one gigawatt, Berlin said earlier this week. Adnoc said it signed agreements with Bosch, Siemens Industrial and Siemens Energy to explore collaboration on artificial intelligence and other advanced technology.
Other planned tie-ups include collaboration between Covestro, MB Energy and Adnoc-owned fertilizer maker Fertiglobe to support development of low-carbon ammonia supply chains into Germany, and a plan to explore collaboration in strategic opportunities across natural gas and LNG value chains, signed by Adnoc, XRG and Berlin-based Securing Energy for Europe.
Together, the agreements could unlock more than 5 billion euros of investment, Adnoc said.
Earlier Friday, RWE said it signed power agreements with Adnoc and Masdar to increase cooperation in offshore wind auctions and explore long-term LNG deliveries to Germany and the rest of Europe.
RWE said the agreement with Masdar will see the two companies jointly participate in German offshore wind auctions next year. The agreement could result in more than 3 billion euros of investment, equivalent to $3.48 billion, RWE said.
The deal “reinforces the UAE’s role as a committed investor in Germany’s energy sector,” RWE said.
Separately, RWE and Adnoc signed a letter of intent to increase long-term LNG supply opportunities into Germany and the rest of Europe.
Source: MSN
