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Pertamina and ADNOC will explore opportunities for cooperation in the upstream to downstream sectors

Written By pipeline-engineer.com on Wednesday, July 24, 2019 | 6:12:00 PM

PT Pertamina (Persero) and The Abu Dhabi National Oil Company (ADNOC) agreed to explore opportunities for cooperation across the oil and gas business chain in both the United Arab Emirates, Indonesia and internationally. This was stated in a Comprehensive Strategic Framework (CSF) signed by both parties, Wednesday (24/7).

The agreement was signed by the UAE Minister of State and CEO of ADNOC Group, Sultan Ahmed Al Jaber, and President Director of Pertamina, Nicke Widyawati. Witnessed the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, H.R.H. Sheikh Mohammed bin Zayed Al Nahyan and President Joko Widodo.

Under the agreement, Pertamina and ADNOC will explore opportunities for cooperation in the upstream to downstream sectors. The projects that are considered include participation in the UAE upstream oil and gas sector, refineries, petrochemicals, LNG, LPG, Avtur and the oil and gas retail business in Indonesia. In addition, both parties will also explore various other forms of strategic collaboration.

Sultan Ahmed Al Jaber stated, this agreement would strengthen relations between the two countries. "Indonesia has a rapidly growing industrial base and energy market. We see significant opportunities to work together between the two companies to build projects to achieve common strategic goals, "he said.

This collaboration, added Ahmed, will show the efforts of ADNOC to create value for the entire portfolio and its efforts to expand international investment to become a truly global energy company.

While Nicke said, Pertamina plans to develop an additional refinery capacity of 1 MMBPD through the Refinery Development Master Plan (RDMP) and Grass Root Refineries (GRR) projects. "The partnership with ADNOC will be an important milestone for Pertamina. "The interest of ADNOC to participate in the oil and gas business in Indonesia is very meaningful support for Pertamina, to ensure availability and energy accessibility for the people of Indonesia," he said.

The work team of the two parties will hold a meeting for the next few months to evaluate and select key areas for strategic collaboration across the assets and project portfolios of the two companies. A more specific collaboration collaboration option is expected to be agreed to be executed by the end of 2019.

For Pertamina, this collaboration will support its efforts to take part in the global energy scene as well as a springboard to increase competitiveness in order to compete with international energy players.