Dr Sultan Ahmad Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company (Adnoc), met Prime Minister of India Narendra Modi at an invitation-only energy leaders’ roundtable, as the UAE seeks to expand partnership and investment opportunities, especially in the energy sector.
The roundtable, held in New Delhi, was also attended by Dharmendra Pradhan, India’s Minister of Petroleum and Natural Gas and Minister of Skill Development and Entrepreneurship; Khalid Al Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia and Chairman of Saudi Aramco; Mohammad Sanusi Barkindo, Secretary-General of Opec; as well as global oil and gas industry leaders, including the CEOs of Total and BP.
During the meeting with Modi, Al Jaber conveyed the greetings of the UAE’s leadership, and emphasised the importance of strategic relationship between the UAE and India.
“Energy cooperation is an important aspect of the UAE’s relations with India. We are keen to expand and deepen that relationship and believe there are mutually beneficial partnership and co-investment opportunities across our Upstream and Downstream value chains. Adnoc is ready to work with its existing and potential new partners to meet the growing demand for energy and petrochemical products in India,” said Al Jaber.
The Minister of State also participated in the CERAWeek India Energy Forum, where he delivered a speech highlighting the key role the UAE will play in providing energy that will drive India’s economic expansion over the next two decades. India’s energy demand is set to grow by 165 per cent — more than six times the global average and triple the rate of growth projected throughout non-OECD countries.
“India’s energy security is a top priority for the UAE and Adnoc. As Adnoc continues to explore opportunities internationally, we look forward to deepening our ties with Indian energy partners across the entire crude, refining, petrochemical and derivatives value chain,” Al Jaber noted.
“In addition, we are keen to invite Indian companies into our ambitious Downstream investment plans within the UAE. There are multiple opportunities to join us in partnerships that will generate attractive financial returns for strategic partners, while delivering long-lasting economic benefits for the UAE,” he continued.
Adnoc Group CEO highlighted that while India is clearly in transition from a relatively low energy consumer to fast-becoming one of the world’s biggest, India’s energy transition does not mean a transition away from fossil fuels. On the contrary, he said, oil and gas will continue to be dominant sources of energy in India, a fundamental driver of the Indian economy; essential to transportation as well as critical to the massive growth in petrochemicals and higher value products in the Indian market.
“India is undergoing a massive energy transition,” he said. “It is a transition defined by opportunity, underpinned by partnership and driven by the enormous growth potential of India as an economic powerhouse. We in the oil and gas industry are fortunate to witness this pivotal moment in history, where a brave new energy map is emerging. At Adnoc, we look forward to continuing to play a central role as a trusted partner to India and to contribute to this great nation’s progress and development.