UAE, China explore strengthening collaboration in industry and energy for sustainable economic development

• HE Dr. Sultan Al Jaber meets with the Chinese Deputy Prime Minister and Vice Chairman of the National Development and Reform Commission in China.
• Agreements were signed in vital sectors, including industry, petrochemicals, shipping, energy, advanced technology, logistics, and low-carbon solutions.
• China is a strategic partner for the UAE and one of the most important markets for ADNOC.

Beijing, China: 25 July 2024 – His Excellency Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, held bilateral meetings with government officials and CEOs of Chinese companies during a visit to the People’s Republic of China.

His visit builds on the industry and energy outcomes from the successful state visit made by the President His Highness Sheikh Mohamed bin Zayed Al Nahyan to China in May, which witnessed the celebration of the 40th anniversary UAE-China diplomatic relations. During the visit, agreements and MoUs were signed in vital areas and sectors of common interest, within the framework of the Comprehensive Strategic Partnership - CSP.

During the visit, His Excellency Dr. Sultan Al Jaber met with Ding Xuexiang, Chinese Vice Premier; Zhao Chenxin, Vice Chairman of the National Development and Reform Commission (NDRC), and Mr. Xuande Wu, Mayor of Fuzhou. The meetings were also attended by His Excellency Hussain Al Hammadi, UAE Ambassador to China. His Excellency Al Jaber conveyed the greetings of the UAE leadership and extended its wishes to the government and people of the People's Republic of China for further progress and prosperity. 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.

His Excellency said: “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 added 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.

His Excellency added that China is one of 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 will 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, His Excellency 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.

His Excellency also met with CEOs of leading companies in energy, petrochemical, renewable energy, manufacturing, shipping and logistics. The meetings focused on enhancing cooperation and exploring new joint investment opportunities in oil and gas, renewable energy, logistics, manufacturing of solar panels and batteries.

Meetings included Mr. Dai Houliang, Chairman of China National Petroleum Corporation (CNPC), the national oil and gas corporation of China and one of the largest integrated energy groups in the world; Mr. Wang Dongjin, Chairman of China National Offshore Oil Corporation (CNOOC Group), one of China's largest national oil companies producing crude oil and natural gas from offshore fields; Mr. Wang Yuetao, Chairman of ZhenHua Oil; Mr. Zengtai Liao, Chairman of Wanhua Chemical Group Co Ltd.; Mr. Hu Kai, President of China Shipbuilding Trading Co., Ltd. (CSTC); Mr. Ou Lin, Chairman of Jiangnan Shipyard; Mr. Wu Gang, Chairman of Goldwind, Dr Jianhui Zhang, Founder and CEO of Hyperstrong; Mr. Yanming Xu, Chairman and President of Zhuhai Cosmx Battery Co, Ltd; Mr. Cao Renxian, Chairman & Founder of SUNGROW, Mr. Cao Lu, Chairman of Jolywood and Dr. Chen Guanfu, Chairman of POWERCHINA International Group Limited.

The meetings with private sector companies witnessed the signing of strategic agreements with the Chinese side, including: the announcement of two agreements between ADNOC Logistics and Services and Wanhua Chemical Group’s join venture AW Shipping, Jiangnan Shipyard, and China Shipbuilding Trading (CSTC), to construct nine Very Large Ethane Carriers, priced at approximately $1.4 billion, and construct two to four Very Large Ammonia Carriers priced at $250 million to $500 million.

This was in addition to a strategic cooperation agreement between ADNOC and CNPC across the energy value chain, including low-carbon solutions, liquefied natural gas, oil and gas exploration and development, advanced technologies, refining, marketing and trading; a strategic collaboration agreement between ADNOC and CNOOC to explore opportunities in new energies and low-carbon solutions international gas and LNG ventures, oil and gas activities and marketing, sales and trading projects.

A project collaboration agreement was also signed between a consortium comprising ADNOC, Borealis, and Borouge with Wanhua Chemical Group and Wanrong New Materials, for a feasibility study to establish a specialty polyolefins complex in China.

The UAE’s delegation included His Excellency Omar Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, Musabbeh Al Kaabi, Executive Director of Low Carbon Solutions & International Growth Directorate at ADNOC; Hazeem Sultan Al Suwaidi, CEO of Borouge; and Captain Abdulkareem Al Musabi, CEO of ADNOC Logistics & Services.

China is the UAE’s largest trading partner, with trade reaching $95 billion in 2023, including $83 billion in non-oil trade, marking a 7.5 percent growth compared to 2022. This reflects efforts by both countries to reach a $200 billion target by 2030.