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The funding is for research that aims to deliver environmental and commercial benefits. (Image source: KAUST)

Aramco has signed a Memorandum of Understanding (MoU) with King Abdullah University of Science and Technology (KAUST) to fund up to US$100mn in research and development projects over the next 10 years

The funding will support a wide range of initiatives, from essential research to applied technologies. Areas of collaboration include energy transition, sustainability, materials transition, upstream technologies and digital solutions, with an emphasis on developing commercially viable outcomes.

Topics identified within the energy transition field include liquids-to-chemicals conversion and future refineries research, as well as low-carbon aviation fuels. Sustainability research will include hydrogen, carbon capture and storage, renewables and energy storage solutions. Additional projects are expected to focus on advanced carbon materials and geothermal energy, among other things.

Deepening the relationship

Amin H. Nasser, Aramco president & CEO, said, “This collaboration will further deepen Aramco’s relationship with KAUST, and we look forward to exploring new possibilities and frontiers with a strong focus on R&D and technology development, reflecting our firm belief in the importance of innovation across industries and applications.”

ATony Chan, KAUST president, said, “The partnership exemplifies KAUST's dedication to fostering impactful research that drives technological advancements and addresses real-world challenges. Our collaboration with Aramco will leverage our combined expertise to develop innovative solutions for a sustainable future."

ADNOC Gas has reported an increase in profits and revenues. (Image source: ADNOC gas)

ADNOC Gas plc and its subsidiaries have recorded an adjusted net income of US$1,190mn for Q2 2024, a 21% year-on-year (y-o-y) improvement

Revenues for the Q2 period of US$6,076mn represent an increase of 13% y-o-y. Within the UAE, increased population and industrial growth have contributed to stronger sales for the domestic gas business. ADNOC Gas fulfils more than 60% of the UAE’s gas demand and is fueling the development of key industrial sectors of the nation, including the growth of petrochemicals.

Highlights of the quarter include the announcement in July that ADNOC Gas will transfer ownership of the US$2.4bn gas pipeline extension project (ESTIDAMA) to ADNOC, significantly optimising ADNOC Gas’ capital efficiency. ADNOC Gas will continue to manage and operate the project.

In June, ADNOC announced a Final Investment Decision (FID) on the Ruwais LNG project, following which Mitsui & Co, Shell, bp, and TotalEnergies were announced as equity partners. ADNOC also awarded an EPC contract valued at over US$5.5bn. ADNOC Gas is managing the design and construction and is looking to become an equity partner, and operator, of Ruwais LNG by acquiring ADNOC’s stake.

Focus on AI, digitalisation and technology

The focus on AI, digitalisation and technology has paid off for the company, with US$1bn in value realised since 2016 as a result, and a further US$2bn expected over the next five years.

Dr. Ahmed Alebri, chief executive officer of ADNOC Gas, said, “Our robust Q2 results clearly reflect our focus on growth, significantly strengthening revenues and profitability while continuing to maintain a healthy margin. The 21% improvement in Q2 net profit underlines our commitment to enhancing our performance, implementing efficiencies, and optimising costs. We are well positioned to pursue our ambitious growth agenda, underpinned by the strength, expansion, and ambition of the UAE market.”

The announcement follows healthy revenues and profits recorded at other ADNOC divisions, such as ADNOC Drilling.