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“It is clear that while the word rightly embraces the energy transition - we will need oil and gas for many decades to come,” said Dr. Al Jaber. Image Credit: Supplied

Dubai: UAE and India could partner across a range of sectors including refined products and renewable energy, said Dr. Sultan bin Ahmed Al Jaber, UAE’s Minister of Industry and Advanced Technology and ADNOC CEO.

He also called India UAE’s number one LNG (liquefied natural gas) customer. The South Asian country, which is the fourth-largest LNG importer in the world, uses it as a feedstock in the manufacturing of fertilizers, plastics and other commercially important organic chemicals.

“Our partnership in energy has a great foundation that I want to build on - there are so many opportunities from the full range of our refined and petrochemical products to new energies like zero- carbon hydrogen,” said Dr. Al Jaber, during the India Energy Forum by CERAWeek.

As India expands its renewable energy portfolio, the UAE is keen to build on the investments we have already made to help you (India) reach your 450 gigawatt goal by 2030

- Dr. Sultan bin Ahmed Al Jaber, UAE’s Minister of Industry and Advanced Technology and ADNOC CEO

Economic recovery

Last year, the pandemic erased global fuel demand overnight, bringing down oil prices to record lows.

“I am pleased to see that India’s economy is returning to robust almost double digit growth - this recovery comes with challenges, particularly for the energy sector, as we are seeing energy demand outpacing supply,” said Dr. Al Jaber.

The ADNOC CEO added that the current demand level called for investments across the entire energy sector. “This is the approach we are taking in UAE - we are investing across our energy supply chain, and increasing our oil and gas capacity to ensure we remain a reliable (and) responsible energy partner to the world, and to India in particular”