BEIJING, July 25 (Bernama-WAM) -- United Arab Emirates (UAE) Minister of Industry and Advanced Technology, Dr Sultan Ahmed Al Jaber, held bilateral meetings with government officials and CEOs of Chinese companies during a visit to China, Emirates News Agency (WAM) reported.
The visit builds on the successful outcomes in industry and energy from UAE President Sheikh Mohamed bin Zayed Al Nahyan's state visit to China in May, marking the 40th anniversary of UAE-China diplomatic relations.
During the visit of Al Jaber who is also the managing director and group CEO of Abu Dhabi National Oil Company (ADNOC), agreements and MoUs were signed in vital areas and sectors of common interest, within the framework of the Comprehensive Strategic Partnership - CSP.
The UAE minister met with Chinese Vice Premier, Ding Xuexiang, Vice Chairman of the National Development and Reform Commission (NDRC), Zhao Chenxin, and Mayor of Fuzhou Xuande Wu.
He conveyed the greetings of the UAE leadership and extended his wishes to the government and people of China for further progress and prosperity. The meetings were also attended by the UAE Ambassador to China Hussain Al Hammadi.
The two sides also discussed ways to enhance cooperation and partnership between the two countries in key areas such as Oil and Gas, Petrochemicals, Renewable Energy, PV Manufacturing, logistical services, shipping, and storage, among others.
Al Jaber said that the UAE and China have close relations based on mutual respect, a shared vision, and sustainable economic interests, thanks to the directives of the leadership of the two countries and their keenness to strengthen bilateral cooperation.
He said that his visit reaffirms the UAE’s commitment to collaborating with partners, exploring new opportunities for collaboration in vital fields, and building on the positive discussions that took place during President His Highness Sheikh Mohamed bin Zayed Al Nahyan’s visit in May.
Al Jaber stated that China is one of the UAE’s strategic partners, playing a vital role in strengthening partnerships and initiatives that support sustainable economic development. China is also among the most significant markets for ADNOC, for its production of crude oil, refined products, and petrochemicals.
He emphasised that the UAE would remain a partner for China for its role as a reliable energy supplier.
He also indicated the importance of strengthening collaboration and leveraging economically viable opportunities and strategic partnerships to achieve mutual and sustainable benefits for both countries in all fields, including oil and gas, renewable energy, shipping, and storage.
During his meetings with representatives of the Chinese government, Al Jaber expressed his aspiration to achieve greater cooperation by creating new opportunities in the priority sectors of both countries, aiming to serve common interests and enhancing existing cooperation within the CSP framework.
He also met with CEOs of leading companies in energy, petrochemical, renewable energy, manufacturing, shipping and logistics, in which the meetings focused on enhancing cooperation and exploring new joint investment opportunities in oil and gas, renewable energy, logistics, and manufacturing of solar panels and batteries.
Meanwhile, during the meetings with private sector companies, several strategic agreements were signed with the Chinese side.
Notably, ADNOC Logistics and Services and Wanhua Chemical Group’s joint venture, AW Shipping, alongside Jiangnan Shipyard and China Shipbuilding Trading (CSTC), announced agreements to construct nine Very Large Ethane Carriers, valued at approximately US$1.4 billion, and two to four Very Large Ammonia Carriers, priced between US$250 million and US$500 million.
Additionally, ADNOC entered into a strategic cooperation agreement with China National Petroleum Corporation (CNPC) covering the entire energy value chain. This includes low-carbon solutions, liquefied natural gas, oil and gas exploration and development, advanced technologies, refining, marketing, and trading.
Another strategic collaboration agreement was signed between ADNOC and China National Offshore Oil Corporation (CNOOC) to explore opportunities in new energies and low-carbon solutions, international gas and liquefied natural gas (LNG) ventures, oil and gas activities, and marketing, sales, and trading projects.
Furthermore, a project collaboration agreement was signed between a consortium comprising ADNOC, Borealis, Borouge, Wanhua Chemical Group and Wanrong New Materials. This agreement focuses on conducting a feasibility study to establish a speciality polyolefins complex in China.
The UAE delegation included Under-Secretary of the Ministry of Industry and Advanced Technology, Omar Al Suwaidi, Executive Director of Low Carbon Solutions & International Growth Directorate at ADNOC, Musabbeh Al Kaabi, CEO of Borouge, Hazeem Sultan Al Suwaidi, and CEO of ADNOC Logistics & Services Captain Abdulkareem Al Musabi.
China is the UAE’s largest trading partner, with trade reaching US$95 billion in 2023, including US$83 billion in non-oil trade, marking a 7.5 per cent growth compared to 2022. This reflects the ongoing efforts by both countries to achieve a US$200 billion trade target by 2030.
-- BERNAMA-WAM
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