UAE and Indonesia sign oil and gas agreement

The Abu Dhabi National Oil Company (ADNOC) signed an agreement with state-owned Indonesian energy company PT Pertamina (Persero) on Wednesday for oil and gas collaboration in both countries and globally, ADNOC said in a statement.

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The comprehensive strategic framework (CSF) agreement was signed on the sidelines of an official visit to Indonesia by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed.

The scope of projects under consideration includes participation in the United Arab Emirates’ upstream oil and gas sector as well as refining and petrochemicals, LNG, LPG, aviation fuel and fuel retail opportunities in Indonesia.

The two parties will also explore collaboration across transportation, trading and storage in the UAE.

Last year, Pertamina appointed Oman’s Overseas Oil & Gas (OOG) to construct the grassroots refinery project in Bontang. The refinery is expected to reach a production capacity of 300,000 barrels of fuel oil per day.

On Tuesday, ADNOC said that it had signed a partnership framework deal worth up to $12bn with China’s Wanhua Chemical Group for collaboration in the downstream sector.