Russia’s LUKOIL wins stake in ADNOC’s Ghasha Sour Gas Concession

2 1The Abu Dhabi government and the Abu Dhabi National Oil Company (ADNOC) have granted five per cent stake of Ghasha’s ultra-sour gas concession, including Hail, Ghasha, Dalma and other offshore sour gas fields, to a subsidiary of the Russian listed PJSC Lukoil Oil Company (LUKOIL)

At the same time, ADNOC, LUKOIL and the management company of the Russian Direct Investment Fund (RDIF) have signed a framework agreement to explore potential future cooperation on the Ghasha concession.

His Highness Sheik Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Vladimir Putin, President of the Russian Federation, witnessed the exchange of the signed concession and framework agreements on the occasion of the President’s state visit to the UAE.

Under the terms of the concession award, LUKOIL will invest an initial amount of US$190mn as a signing fee for the concession. ADNOC retains a majority stake in the concession, with Italy’s Eni, Germany’s Wintershall Dea and Austria’s OMV as further concession holders.

Abu Dhabi explores collaboration opportunities

On the sidelines of Russian President Vladimir Putin’s visit to Abu Dhabi, Awaidha Murshed Al Marar, chairman of the Abu Dhabi Department of Energy (DoE), met Alexander Valentinovich Novak, minister of Energy of the Russian Federation, to discuss opportunities for collaboration between the emirate and Russia in the conventional and renewable energy sectors.

The DoE chairman presented a summary of the developments that the sector has witnessed in recent years, highlighting the role of DoE in driving and catalysing the transformation of the energy sector, as well as its precautions to ensure the security of the supply chain and sustainable economic and social development in Abu Dhabi and the UAE.

The Russian delegation explored the strategic projects launched by Abu Dhabi in the renewable energy sector, such as the Barakah Nuclear Power Plant, the Noor Abu Dhabi Solar Power Plant and the Al Dhafra Solar Plant.

The discussion focused on the logistics of cooperation, exploring how the emirate can benefit from Russia’s capabilities and the qualified workforce in the sector to train local professionals and develop their administrative, technical and operational skills.

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