china

UAE and China Deepen Collaboration in Industry and Energy for Sustainable Economic Growth

Dr. Sultan bin Ahmed Al Jaber, the UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), recently engaged in bilateral meetings with Chinese government officials and business leaders. The discussions focused on strengthening ties in industry and energy for sustainable economic development.

Building upon the positive outcomes from the May state visit by President His Highness Sheikh Mohamed bin Zayed Al Nahyan to China—which marked the 40th anniversary of UAE-China diplomatic relations—Dr. Al Jaber’s visit aimed to further solidify the Comprehensive Strategic Partnership (CSP) between the two nations. The trip also included the signing of agreements and Memorandums of Understanding (MoUs) in key sectors of mutual interest.

During his visit, Dr. Al Jaber met with high-ranking Chinese officials, including Vice Premier Ding Xuexiang, Vice Chairman of the National Development and Reform Commission (NDRC) Zhao Chenxin, and the Mayor of Fuzhou, Xuande Wu. UAE Ambassador to China, Hussain Al Hammadi, was also in attendance.

Dr. Al Jaber conveyed best wishes from UAE’s leadership to the Chinese government and its citizens, expressing hopes for continued progress and prosperity. The dialogue centered on enhancing cooperation in critical sectors such as oil and gas, petrochemicals, renewable energy, photovoltaic manufacturing, logistics, shipping, and storage.

“The UAE and China enjoy a robust relationship founded on mutual respect, shared visions, and sustainable economic interests,” Dr. Al Jaber stated. He emphasized that his visit underscores the UAE’s commitment to exploring new avenues of collaboration and building on the momentum generated during President His Highness Sheikh Mohamed bin Zayed Al Nahyan’s visit in May.

Highlighting China’s role as a crucial strategic partner for the UAE, Dr. Al Jaber noted China’s significant presence in markets vital to ADNOC’s operations, including crude oil, refined products, and petrochemicals. He reiterated the UAE’s position as a reliable energy supplier to China and emphasized the importance of continued strategic partnerships to achieve joint and sustainable economic benefits.

Dr. Al Jaber also met with top executives from major Chinese companies operating in various sectors such as energy, petrochemicals, renewable energy, manufacturing, and logistics. These meetings focused on exploring new joint investment opportunities and enhancing existing collaborations.

Notable business leaders he met included Dai Houliang, Chairman of China National Petroleum Corporation (CNPC); Wang Dongjin, Chairman of China National Offshore Oil Corporation (CNOOC); Wang Yuetao, Chairman of ZhenHua Oil; Zengtai Liao, Chairman of Wanhua Chemical Group Co Ltd; Hu Kai, President of China Shipbuilding Trading Co., Ltd. (CSTC); Ou Lin, Chairman of Jiangnan Shipyard; Wu Gang, Chairman of Goldwind; Dr. Jianhui Zhang, Founder and CEO of Hyperstrong; Yanming Xu, Chairman and President of Zhuhai Cosmx Battery Co, Ltd; Cao Renxian, Chairman & Founder of SUNGROW; Cao Lu, Chairman of Jolywood; and Dr. Chen Guanfu, Chairman of POWERCHINA International Group Limited.

The meetings resulted in several significant agreements. For instance, ADNOC Logistics and Services announced two agreements with Wanhua Chemical Group’s joint venture AW Shipping, Jiangnan Shipyard, and China Shipbuilding Trading (CSTC). These agreements include the construction of nine Very Large Ethane Carriers valued at approximately $1.4 billion and two to four Very Large Ammonia Carriers with costs ranging from $250 million to $500 million.

Additionally, a strategic cooperation agreement between ADNOC and CNPC was signed, covering various aspects of the energy value chain, including low-carbon solutions, LNG, oil and gas exploration, advanced technologies, and market development. Another agreement with CNOOC aims to explore opportunities in new energies, low-carbon solutions, and other international ventures.

Furthermore, a project collaboration agreement was established between a consortium comprising ADNOC, Borealis, and Borouge with Wanhua Chemical Group and Wanrong New Materials. The collaboration involves conducting a feasibility study to establish a specialty polyolefins complex in China.

The UAE delegation, which included Omar Al Suwaidi, Under-Secretary 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, played integral roles in the discussions.

China remains the UAE’s largest trading partner, with trade volumes reaching $95 billion in 2023. This includes $83 billion in non-oil trade, reflecting a 7.5 percent increase compared to 2022. This growth underscores the concerted efforts by both nations to achieve a bilateral trade target of $200 billion by 2030.