XRG, ADNOC and Securing Energy for Europe (SEFE) have signed a Memorandum of Understanding to explore cooperation across the natural gas and LNG value chains, supporting reliable and competitively priced energy supplies for Germany and Europe.
The agreement focuses on strengthening energy security and
supply resilience, supporting market development and long-term growth,
improving supply-chain reliability and exploring investments in critical energy
infrastructure.
The companies will also assess opportunities to optimise
portfolio management, shipping and LNG cargo movements.
The partnership combines ADNOC’s UAE-based gas and LNG
supplies with XRG’s international supply network and SEFE’s position in the
European energy market.
The agreement builds on ADNOC’s growing role as an LNG
supplier to Germany.
In early 2023, ADNOC delivered the first Middle Eastern LNG
cargo to Germany and has since signed long-term LNG supply agreements with
German customers.
The company also
supplies piped gas through the Southern Gas Corridor.
For XRG, the agreement expands its strategic presence in
Germany, where it is already a major investor, including through its investment
in chemicals company Covestro.
Signed during UAE President Sheikh Mohamed bin Zayed Al
Nahyan’s visit to Germany, the MoU strengthens the longstanding relationship
between ADNOC and SEFE while bringing together complementary capabilities to
support Europe’s energy security and resilience.
Dr Sultan Al Jaber, ADNOC Managing Director and Group CEO
and Executive Chairman of XRG, said: “XRG and ADNOC are committed to Germany
for the long term. We have already invested €19 billion, and this week the UAE
more widely announced the long-term intention to invest a further €40 billion
in the country. This agreement with SEFE combines our capabilities and opens
new opportunities across the gas and LNG value chain, strengthening energy
security and supporting the competitiveness and growth of German industry.”
Dr Egbert Laege, CEO of SEFE, said: "We are thrilled to
deepen our collaboration with such trusted partners as ADNOC and XRG. In
today’s energy landscape, closer cooperation across the value chain is
critical. By bringing together ADNOC and XRG's global supply capabilities with
SEFE's market presence, trading expertise, customer relationships and
infrastructure access, we aim to enhance the resilience of Germany’s and
Europe’s energy systems." -OGN/TradeArabia News Service
