190313 oil pumping jacks
Oil pumping jacks near Almetyevsk, Tatarstan, Russia. Image Credit: Bloomberg

Abu Dhabi: The upcoming visit of Russian President Vladimir Putin to the UAE reflects the strong strategic partnership between the two nations and will pave the way for further cooperation in a number of vital sectors, namely in oil and peaceful nuclear energy, said Suhail Bin Mohammed Faraj Al Mazroui, Minister of Energy and Industry.

Speaking to the Emirates News Agency, WAM, Al Mazroui said that Russian oil and gas companies have expressed interest in investing in the UAE market, as they play an important role in exporting Russian expertise in the field. He added that similarly, UAE companies are looking to increase investments in Russia’s oil and gas sector.

The Minister of Energy said that so far, Mubadala Petroleum’s investments in the Russian oil sector exceeded $300 million (Dh1.1 billion). The company, in cooperation with the Russian Fund for Direct Investment, have established a joint venture with “Gazprom” to develop a number of oilfields in the Tomsk and Omsk regions in Western Siberia.

“UAE-Russia relations are historic and based on ties of friendship, cooperation and respect for common interests. These relations are now further developing across all levels, a reflection of the leaderships’ keenness to enhance continuous cooperation,” he said.

The UAE Minister added that joint cooperation between the UAE and Russia includes many vital sectors, like energy, industry and peaceful nuclear energy.

He stated that the two countries are coordinating the UAE’s purchase of Russian nuclear fuel within the framework of its peaceful nuclear energy programme.

The Minister of Energy went on to praise the significant role played by Russia in the success of the agreement between Opec countries and their allies, known as “Opec+” to curb the excessive increase in oil production, which contributed to balancing supply and demand forces, and stabilising the global oil market.

President Putin will begin his visit to the UAE on Tuesday, during which he will meet with His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to discuss bilateral relations and means of developing them across various sectors, among other issues of mutual interest.