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Mubadala Energy, Masdar to collaborate on decarbonisation projects

GO NET ZERO ENERGY

Mubadala Energy, Masdar to collaborate on decarbonisation projects

Mubadala Energy and Masdar have signed an agreement, which will see both companies jointly explore collaborations that leverage Mubadala Energy’s deep technical capabilities across its operated and non-operated portfolio, together with Masdar’s know-how in decarbonisation and energy transition technologies.

Source: The National News

The partnership will primarily focus on the Mena region and South-East Asia, while also exploring “other regions of mutual interest”. As the National News reports these include:

  1. Technical solutions to decarbonise or improve the energy efficiency of upstream oil and gas assets
  2. Potential joint investments in value-accretive new energy
  3. Lower carbon projects and collaboration on emissions management initiatives

The partnership will include “synergistic” areas such as decarbonisation and energy efficiency solutions for oil and gas assets, joint investments in new energy projects and collaboration on emissions management initiatives.

Energy transition and decarbonisation are key drivers shaping the global economy. By bringing together two of Abu Dhabi’s leading international energy champions to leverage their deep expertise, we are creating a catalyst for innovation. I’m confident this collaboration will accelerate solutions to complex challenges and create opportunities for strategic investment.

Dr Bakheet Al Katheeri, CEO of UAE Investments Platform at Mubadala Investment Company

The UAE is investing heavily in clean energy projects and has announced several initiatives as it seeks to reach net-zero emissions by 2050.

The country is developing new clean energy projects such as the Barakah nuclear plant, a two-gigawatt solar plant in Abu Dhabi's Al Dhafra region and the five-gigawatt Mohammed bin Rashid Al Maktoum Solar Park in Dubai.

Aligned with the UAE’s net zero ambitions, we continue to action a clear strategy to recalibrate our business and play a more proactive role in supporting the energy transition drive towards lower carbon energy. This means we are doubling down on gas across our value chain, exploring investments in new energy sectors such as blue hydrogen and carbon capture, utilisation and storage (CCUS), and looking at other technological levers to decarbonise operations.

Mansoor Mohamed Al Hamed, CEO, Mubadala Energy

Established by Mubadala in 2006, Masdar has taken a leadership role in the global clean energy sector and has also helped to drive the nation’s economic diversification and climate action agenda.

This landmark agreement with Mubadala Energy aligns with those objectives and with our shared ambition to position the UAE at the forefront of the global energy transition.

Mohamed Jameel Al Ramahi, CEO, Masdar

It is currently active in more than 40 countries and has invested or committed to invest in projects worth more than $30 billion.

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