Trusted partnerships have become the real strategic reserve

The Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, Dr. Sultan Ahmed Al Jaber, stressed that reliable partnerships have become the real strategic reserve in an era witnessing continuous changes, and that it is necessary to have a long-term strategic vision, to overcome the short-term fluctuations witnessed by the energy sector, and to focus on the qualitative opportunities provided by the high global demand for its supplies. This came in the keynote speech he delivered yesterday, during the “India Energy Week” held in the city of Goa, where Al Jaber stressed that the basic foundation of the energy sector is growth led by three major and influential trends: the rise of emerging markets, the exceptional growth of artificial intelligence, and the qualitative shift in the energy system.

He pointed to the strategic decision taken by the UAE decades ago to build an economy open to the world. Within three years, the country signed 35 comprehensive economic partnership agreements, the first of which was with India. Last year, it attracted more than $45 billion in direct strategic foreign investments. He stressed that the transformation in the global energy scene rewards those who move boldly to keep pace with it, and not those who wait for the situation to stabilize, stressing that the demand for oil will remain above the level of 100 million barrels per day until 2040, and the demand for liquefied natural gas and electricity will witness growth of more than 50%.

He added: “As India’s demand for crude oil grows to meet the needs of its refineries, ADNOC will continue to be a reliable and reliable supplier to meet these needs,” noting that India, which seeks to double the share of natural gas in the energy mix, will be the first market for liquefied natural gas produced by the UAE, and that ADNOC is already the largest supplier of liquefied petroleum gas to India, and will continue to supply it with raw materials and chemicals.