Adnoc, XRG and Masdar on Friday announced agreements with German companies covering liquefied natural gas (LNG), renewable energy, advanced materials and technology.
The deals will potentially enable more than €5 billion in investment, Adnoc said in a press release, and were signed during President Sheikh Mohamed's state visit to Germany.
The new agreements will strengthen the partnership between Germany and the UAE, Adnoc said. The deals follow the announcement this week of €40 billion in intended long-term UAE investments in the country.
The UAE views its relationship with Germany as a long-term partnership built on more than 50 years of co-operation, trust and mutual interests, Sheikh Mohamed said on Thursday,
Adnoc and Germany's RWE Supply & Trading signed a letter of intent to pursue up to two long-term LNG sales agreements, with supplies from Adnoc Gas and XRG’s growing portfolio potentially beginning in the early 2030s.
The companies said the LNG could be delivered to Germany, Europe and Asian customers.
Adnoc, XRG and Germany’s SEFE also agreed to explore co-operation across the natural gas and LNG supply chains, including supply, infrastructure and logistics.
TA’ZIZ and chemicals company Covestro signed an agreement covering a feasibility study for a large-scale methylene diphenyl diisocyanate production chain in Ruwais.
In renewables, Masdar and RWE agreed to explore joint participation in future German offshore wind auctions, while Masdar and investment manager Luxcara will consider joint investments in offshore wind and battery storage projects in Germany and Europe.
Other agreements with Bosch Middle East, Siemens Energy and Siemens Industrial will explore co-operation on artificial intelligence and advanced technology.
The deals were announced alongside the launch of the UAE-Germany Investment Council, which will seek investment opportunities in priority sectors.
Adnoc, XRG and Masdar said they have already invested more than €20 billion in Germany’s energy and industrial sectors.
