UAE And China Aim To Boost Sustainable Economic Development Through Industry And Energy Collaboration

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), recently visited China. During his visit, he met with government officials and CEOs of Chinese companies to strengthen bilateral relations.

Dr. Al Jaber's visit follows the successful state visit by President His Highness Sheikh Mohamed bin Zayed Al Nahyan to China in May, which marked the 40th anniversary of UAE-China diplomatic relations. The meetings aimed to build on the outcomes of that visit, focusing on enhancing cooperation in various sectors.

During his meetings, Dr. Al Jaber conveyed greetings from the UAE leadership to the Chinese government and people. He expressed hopes for further progress and prosperity in their bilateral relations. The discussions covered key areas such as oil and gas, petrochemicals, renewable energy, PV manufacturing, logistical services, shipping, and storage.

The visit saw the signing of several agreements and Memorandums of Understanding (MoUs) within the framework of the Comprehensive Strategic Partnership (CSP). These agreements aim to explore new opportunities for collaboration in vital fields and build on positive discussions from previous high-level visits.

Among the agreements signed were two between ADNOC Logistics and Services and Wanhua Chemical Group’s joint venture AW Shipping, Jiangnan Shipyard, and China Shipbuilding Trading (CSTC). These agreements involve constructing nine Very Large Ethane Carriers worth approximately US$1.4 billion and two to four Very Large Ammonia Carriers priced between US$250 million to US$500 million.

Strategic Partnerships

A strategic cooperation agreement was also signed between ADNOC and China National Petroleum Corporation (CNPC) across the energy value chain. This includes low-carbon solutions, liquefied natural gas (LNG), oil and gas exploration and development, advanced technologies, refining, marketing, and trading.

Additionally, a strategic collaboration agreement was signed between ADNOC and China National Offshore Oil Corporation (CNOOC). This agreement aims to explore opportunities in new energies and low-carbon solutions, international gas and LNG ventures, oil and gas activities, marketing, sales, and trading projects.

Meetings with Chinese Officials

Dr. Al Jaber met with Ding Xuexiang, Chinese Vice Premier; Zhao Chenxin, Vice Chairman of the National Development and Reform Commission (NDRC); Xuande Wu, Mayor of Fuzhou; Dai Houliang, Chairman of CNPC; Wang Dongjin, Chairman of CNOOC Group; Wang Yuetao, Chairman of ZhenHua Oil; Zengtai Liao, Chairman of Wanhua Chemical Group Co Ltd.; Hu Kai, President of China Shipbuilding Trading Co., Ltd.; Ou Lin, Chairman of Jiangnan Shipyard; Wu Gang, Chairman of Goldwind; Dr Jianhui Zhang, Founder and CEO of Hyperstrong; Yanming Xu, Chairman and President of Zhuhai Cosmx Battery Co., Ltd.; Cao Renxian, Chairman & Founder of SUNGROW; Cao Lu, Chairman of Jolywood; Dr Chen Guanfu, Chairman of POWERCHINA International Group Limited.

The meetings focused on enhancing cooperation in energy sectors such as oil and gas production from offshore fields. They also explored new joint investment opportunities in renewable energy logistics manufacturing solar panels batteries.

Economic Cooperation

China is one of UAE’s strategic partners playing a vital role in strengthening partnerships supporting sustainable economic development. It is also among the most significant markets for ADNOC's crude oil refined products petrochemicals production.

The UAE delegation included Omar Al Suwaidi Under-Secretary Ministry Industry Advanced Technology Musabbeh Al Kaabi Executive Director Low Carbon Solutions International Growth Directorate ADNOC Hazeem Sultan Al Suwaidi CEO Borouge Captain Abdulkareem Al Musabi CEO ADNOC Logistics Services.

Bilateral Trade Growth

China is UAE’s largest trading partner with trade reaching US$95 billion in 2023 including US$83 billion non-oil trade marking 7.5 percent growth compared to 2022 reflecting efforts both countries reach US$200 billion target by 2030.

"The UAE will remain a partner for China for its role as a reliable energy supplier," said Dr. Sultan Al Jaber during his meetings with Chinese officials. He emphasised the importance of strengthening collaboration leveraging economically viable opportunities strategic partnerships achieve mutual sustainable benefits both countries all fields including oil gas renewable energy shipping storage.

With inputs from WAM