August 10, 2022

Dubai Week

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A “partnership” agreement in the energy sector was signed between the United Arab Emirates and France

A “partnership” agreement in the energy sector was signed between the United Arab Emirates and France

The President of the United Arab Emirates, Sheikh Mohammed bin Zayed Al Nahyan, and French President Emmanuel Macron today signed two agreements, the first of which is a comprehensive strategic partnership agreement between the United Arab Emirates and the United Arab Emirates in the energy sector. France, and the second is a strategic partnership agreement between ADNOC and Total Energy.

The signing of the two agreements comes within the framework of His Highness Sheikh Mohammed bin Zayed Al Nahyan’s state visit to France.

The first strategic partnership focuses on promoting effective climate action and promoting energy security, providing affordable energy and reducing emissions in preparation for the twenty-eighth session of the Conference of the Parties (COP28) to be held in the United Arab Emirates in 2023.

The Comprehensive Strategic Partnership Agreement builds on the close and well-established bilateral relations and long-standing partnerships between the UAE and France, and the UAE’s position as a world leader as a responsible and reliable energy supplier. It has the world’s sixth largest oil reserves and is committed to contributing to ensuring global energy security.

The UAE is pursuing a practical, comprehensive and balanced approach to keep pace with the energy transition, based on raising crude oil production capacity to five million barrels per day and increasing the production capacity of its global renewable energy projects from 23 gigawatts. Over 100 GW by 2030.

Through Abu Dhabi Future Energy Company “Mastar” and other platforms, the UAE is investing more than $50 billion in clean energy projects on six continents, including 27 island nations most vulnerable to climate change.

The two agreements were signed by His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, His Excellency Bruno Le Maire, Minister of Economy, Finance, Industry and Digital Sovereignty, and His Excellency Agnes Pannier-Runacher. Energy Transition, Second Agreement Hon’ble Dr. Sultan Bin Ahmad Al Jaber and Total’s CEO Mr. Signed by Patrick Bouyenne.

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Speaking on the occasion, His Excellency Dr. Sultan Ahmed Al Jaber said: The UAE continues to strengthen its position as a reliable energy provider and a key contributor to ensuring global energy security. His Highness Sheikh Mohammed bin Zayed Al Nahyan, Head of State. “God save him”.

This comprehensive strategic partnership in the energy sector provides an effective platform to enhance cooperation with the UAE’s close strategic partner, the Republic of France, to provide affordable, secure and sustainable energy that contributes to economic growth, prosperity. And progress to our two allies and to all the nations of the world.

His Excellency added: “In line with the directives of the wise leadership to build bridges of friendship and cooperation with the international community, we continue to build strategic partnerships in the conventional and renewable energy sectors, taking advantage of the economic opportunities offered by the transition. In the energy sector, the promotion of industrial cooperation and the benefits of technology transfer, this historic agreement , contributes to strengthening the partnership between the UAE and France in all areas of the energy sector’s value chain, allowing them to benefit from new energy solutions and advanced technology to reduce the consequences of climate change and support sustainable economic and social development.

The UAE is pursuing a low-carbon path to achieve sustainable economic growth and is keen to accelerate climate action in preparation for hosting COP28. While the UAE is the first country in the region to sign and ratify the Paris Agreement and the first country to commit to reducing emissions across all economic sectors, it is also the first country to announce its strategic initiative to achieve climate neutrality by 2050. New technologies, sectors, skills and job creation are the catalyst for achieving low carbon economic growth.

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The comprehensive strategic partnership agreement covers all aspects of mutual interest, including direct investment in the development of all energy resources with a special focus on energy security and efficiency projects, clean technologies and transformation of the energy sector.

The Comprehensive Strategic Partnership in Energy Sectors establishes a framework for bilateral cooperation in the energy sector based on the principles of equality and mutual benefit for the public and private sectors of both countries.

The comprehensive strategic partnership at Taqa provides an excellent platform to explore areas of bilateral cooperation in development and production of hydrocarbon fuels and liquefied natural gas, flexible supply chains, carbon capture, utilization and storage technologies, development and development of low-emission hydrogen. Production and development of hydrogen infrastructure in addition to solar and wind energy projects worldwide.

This cooperation will also include benefiting from France’s experience after hosting the twenty-first session of the Conference of the Parties (COP21) in preparation for hosting the twenty-eighth session of the Conference of the Parties (COP28) to be held in the United Arab Emirates. Next year, besides cooperation in the fields of technology, sustainable aviation fuel production and green financing of energy projects, the possibility of cooperation in other fields will be agreed later.

A joint working group will be established to implement the comprehensive strategic energy partnership, coordinate all activities outlined in the agreement and monitor progress.

France has close and long-standing ties to the UAE, with Total Energy working in the oil and gas sector in the Emirate of Abu Dhabi since 1939.

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Total Energy and ADNOC collaborate closely on several projects across the oil and gas value chain, including offshore and onshore oil and gas exploration and production, natural gas processing and liquefaction, product marketing, research and development and national talent development. In 2020, French exports to the UAE were 3.1 billion euros, while France’s imports from the UAE were 750 million euros.

The UAE hosts the largest number of French companies in the Middle East, with 600 companies employing more than 30,000 employees, and their number has been growing by 10% annually in recent years. A strategic partnership agreement was signed between ADNOC and Total Energy to explore opportunities to enhance long-term cooperation between the two companies to serve common interests in areas including increasing gas production, carbon capture, utilization and storage, trade and product supply.

Total Energy is ADNOC’s largest international partner, working in the oil and gas sector in Abu Dhabi since 1939, and its partnership with ADNOC covers all areas of the oil and gas value chain.

The new agreement creates sustainable value creation opportunities for both companies.