ADNOC, LUKOIL sign cooperation agreement on UAE gas fields

ADNOC has awarded to a subsidiary of LUKOIL a 5% stake in the Ghasha ultra-sour gas concession. LUKOIL and Vladimir Region concluded an Agreement on Cooperation in the city of Vladimir. The Volgograd refinery a wholly-owned subsidiary company. LUKOIL got first place in the 2019 Environmental, Social and Governance (ESG) rating. Ghasha, Dalma and other offshore sour gas fields in the Emirate of Abu Dhabi. The company plans to produce about 1 million tonnes of such fuel per year. LUKOIL was announced among winners of the contest of the best socially responsible oil and gas companies of 2019.

LUKOIL Group of companies commenced step-by-step transition to sales of inter-season. Prime Minister of Kazakhstan Askar Mamin and President of PJSC LUKOIL Vagit Alekperov have opened a new lubricants plant. ADNOC, LUKOIL, and the Management Company of Russian Direct Investment Fund (RDIF) signed a framework agreement. In the United Nations headquarters in New York the delegation of PJSC LUKOIL headed by Vice President for HR. It explore potential future cooperation in relation to the Ghasha concession. The Board of Directors of PJSC “LUKOIL” approved the Report on the submission of applications.

“We are very pleased to partner with LUKOIL on this crucial project”, said H.E. Dr. Al Jaber.

According to the document, signed by Governor of the region Vladimir Sipyagin. The Ghasha mega-project is expected to produce over 1.5 Bcfd of natural gas by around 2025. The MARPOL requirements limiting sulfur content in marine fuel to 0.5% or less for ships navigating. The rating grades companies against their abilities to manage environmental. Results of the contest were announced at the Ninth International Gas Forum in Saint-Petersburg. The natural gas will be enough to provide electricity to more than two million homes. LUKOIL was awarded with certificates for popularization of charitable activities.

Also, more than 120,000 bpd of oil and high-value condensates are expected to be produced. LUKOIL’s winter and inter-season diesels are produced with special components. The concession award to LUKOIL marks the first time that a Russian company joins an ADNOC concession. The applications were submitted as part of the public offer according to the Annual General Shareholders Meeting. It also reaffirms the confidence of the international community in the UAE’s trusted. The Ministry of Energy of the Russian Federation organizes the contest annually. The exchange of the signed concession and framework agreements was witnessed.

The company produces other types of marine fuel with improved environmental characteristics. The plant will produce more than 800 different lubricants, including LUKOIL GENESIS. The accession to the concession agreement was signed by His Excellency Dr. Sultan Ahmed Al Jaber. It reduce the Company’s charter capital by acquiring 35,000,000 issued shares. The framework agreement was signed by H.E. Dr. Al Jaber, Mr. Alekperov, and Mr. Kirill Dmitriev, CEO of RDIF. It integrate risk management into their strategy and overall sustainability on a long-term horizon.

LUKOIL will invest an initial sum of AED 697.3 million ($190 million) as a signing fee for the concession. As declared by UN over fifteen years ago, compliance with requirements of responsible. LUKOIL’s gas stations also offer high quality Euro 5 ECTO diesel, preventing scaling. It has as further concession holders Italy’s Eni, Germany’s Wintershall Dea, and Austria’s OMV. The parties will cooperate to increase the efficiency of the region’s fuel and energy complex. The features innovative molecular technology and is approved by the world major automobile makers.

It also marks the first time with a Russian energy company across our full value chain. In 2015 LUKOIL’s refinery in Perm began production of ecological marine fuel. It also pleased to have agreed a strategic framework agreement with LUKOIL and RDIF. The location of the facility makes it possible to optimize the logistics of LUKOIL’s lubricants. The concession award, as well as the framework agreement, reflect the strong and strategic bilateral ties. The Organizational Development Anatoly Moskalenko took part in the round table “Future of Work”. UAE and Russia and highlight the important role of energy cooperation in strengthening the relations.

It is intended for ships navigating in the Baltic Sea which is recognized as Sulphur Emissions Control. LUKOIL joins other value-add partners on the Ghasha concession. LUKOIL also topped the first ESG rating in 2018. The transaction is consistent with ADNOC’s targeted approach to engage with strategic partners. The highest level of process automation allows for producing and shipping lubricants. It contribute the right combination of best-in-class expertise and advanced technology. The parties also agreed to provide joint research and scientific support. It delivering the greatest possible returns to the UAE.

The event was organized at the initiative of the International Labour Organization (ILO). LUKOIL has extensive experience in offshore fields, both independently and in consortia with other major international companies. The project was implemented in strict compliance with the legislati​on of the Republic of Kazakhstan. Company glad to enter the project in the UAE with such a significant resource base. The plant was designed and built having in mind the potentially high seismic activity at the site. ADNOC expects substantial benefits to flow back into the UAE economy.

“The development of the Ghasha gas project is the first LUKOIL project in the UAE”, Alekperov said.

The large-scale project to develop the Ghasha Concession opens up great investment opportunities. The Company received applications for 82,891,133 shares during the public offer period. The agreement with ADNOC reflects a high level of energy cooperation with the UAE. Company promote oil and gas industry and identify best available practices of the businesses. The lubricant plant will offer more than 200 jobs for citizens of Kazakhstan. ADNOC’s integrated gas strategy will see the development. It support of the Ministry of Foreign Affairs and Ministry of Labour and Social Protection.

ADNOC plans to increase production from its Shah sour gas field from about 1.3 to 1.5 Bcfd of natural gas. The bilateral cooperation will facilitate construction of the new Silk Road motorway. ADNOC also plans to tap gas from its gas caps, and unconventional gas reserves. Company proved their approach to handling social challenges as highly efficient. It will continue to be appraised and developed as the company pursues its exploration activities. Participants in the round table discussed the issues of making decent jobs available for the youth. LUKOIL is one of the largest publicly traded, vertically integrated oil and gas companies in the world.

In 2018, the company processed 152 Bcf of gas across its five gas processing plants in Russia. The company has capacities to produce over 1.3 million tons of bitumen materials a year. Last year, bilateral relations between the UAE and Russia were strengthened when H.H. Sheikh Mohamed bin Zayed Al Nahyan. LUKOIL and the ILO have presented results of their joint project Partnerships. President Vladimir Putin signed a Declaration of Strategic Partnership. The acquisition of shares will be implemented on a pro rata basis. In 2018, bilateral trade between the UAE and Russia topped AED 11 billion ($3 billion), a 21% increase on the previous year.

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