Abu Dhabi: While the current slump in the world oil prices has posed a real challenge to oil-exporting countries, it did not have any impact on the UAE’s economy, thanks to the economic diversification policy adopted by the country, Suhail Mohammad Faraj Al Mazroui, Minister of Energy, said yesterday.
“Low oil prices should create investment opportunities in non-oil sectors for the purpose of diversifying the economy,” the minister said as he chaired the delegation to the second UAE-Russia Taskforce Meeting held in St. Petersburg to explore the prospects of joint co-operation and investment.
Abu Dhabi hosted the first meeting in November 2015.
Russian Deputy Minister for Economic Development, Alexander Tsybulskiy, led the Russian side to the meeting which also discussed a variety of economic and investment issues of mutual interest.
The two sides stressed the importance of pursuing work to broaden the scope of regional joint co-operation and investment opportunities.
Discussions
“We had constructive discussions with the Russian side which will enable us to go ahead on a number of bilateral issues of mutual concern regarding regional co-operation, mutual investment opportunities and economic co-operation,” the UAE minister said.
The Russian minister said the taskforce meetings were “constructive and meaningful,” adding that continued regular meetings underscored the importance of joint, close work to address opportunities and challenges in the region and the world at large.
During a working lunch, the two sides recognised the need for identifying a series of potential projects in free, economic zones for implementation in the next phase.
Later, Al Mazroui, in his capacity as managing director of the International Petroleum Investment Company (IPIC), met with Russian Energy Minister Alexander Novak and Gazprom CEO Alexey Miller.
He also held a briefing with Austrian Finance Minister Hans Joerg Schelling and OMV chief executive officer Rainer Seele to announce the conclusion of a series of economic and investment agreements. These agreements included a memorandum of understanding for the swap of upstream assets between Austria’s OMV, 24.8 per cent-owned by IPIC, Gazprom, which is owned 50 per cent by the Russian government.
As per another agreement, Gazprom will supply crude oil to OMV. The two oil majors also signed an agreement for scientific and technical cooperation for gas production.
They also agreed to sponsor cultural events in St Petersburg and Vienna.
The UAE minister said these agreements would further solidify relations between the UAE, Russia and Austria in the field of energy, while also paving the way for greater joint co-operation in the future and raising profile of the three partners in the world energy sector.
