HE Dr Sultan Al Jaber, UAE Minister of State and ADNOC Group CEO, has met with government and corporate leaders in Beijing, to explore opportunities for strengthening the strategic relationship between the UAE and China and deepening the partnerships between ADNOC and China’s energy, chemical and technology sector
Discussions focused on ADNOC’s expanded approach to partnerships and co-investment opportunities created by ADNOC’s 2030 growth strategy.
HE Dr Al Jaber met with H.E. Wang Yi, Minister of Foreign Affairs of the People’s Republic of China and with H.E. Ning Ji Zhe, Vice Chairman of China’s National Development and Reform Commission (NDRC), where business and economic relations between the United Arab Emirates and China were discussed, including growing cooperation between the two countries in the technology, energy, chemical, investment and commercial sectors. China is the UAE’s largest trading partner, with bilateral trade topping US$50bn per annum.
The Minister also met with senior officials from Huawei Technologies during a visit to the Zhongguancun technology hub, in the Haidan District of Beijing.
HE Dr Al Jaber said, “ADNOC’s focus on the application of advanced technology, in support of its 2030 growth strategy, is one area where China’s experience in developing Artificial Intelligence and Predictive Data, through companies such as Huawei, could be deployed to create additional value from its resources. ADNOC is keen to advance and lead the digitisation of the oil and gas industry.
“China represents a key strategic partner for the UAE and the growing ties between Chinese companies and ADNOC is a testament to the depth and importance of the relationship,” he added. “We are keen to explore how ADNOC can continue to serve the growing demand for energy, and, in particular, for chemical and petrochemical products in China, as a key growth market.”
In the past year, China and the UAE have made a number of co-investments in the energy sector. In February 2017, the China National Petroleum Corporation (CNPC) and China CEFC Energy were awarded minority stakes in the UAE's onshore oil reserves, and in November 2017, ADNOC and CNPC signed a framework agreement covering various areas of potential collaboration, including offshore opportunities and sour gas development projects.
ADNOC is focused on market expansion in China and Asia, where demand for petrochemicals and plastics is forecast to double by 2040. As part of its 2030 strategy, ADNOC is undertaking a major downstream expansion aimed at tripling petrochemical production by 2025. More than 40 per cent of a US$109bn CAPEX programme will be directed at this goal over the next five years, as ADNOC builds out the Ruwais complex to create the largest refining and chemical site in the world.
