UAE, Germany Seal Energy, AI Partnerships Worth €5 Billion
The UAE and Germany have strengthened their energy partnership through a series of agreements that could lead to more than €5 billion in investment across Germany's energy and industrial sectors. The deals were signed during UAE President Sheikh Mohamed bin Zayed Al Nahyan's state visit to Germany, building on the UAE's announcement of €40 billion in intended long-term investment in the country.
The agreements include a Letter of Intent between ADNOC and RWE Supply & Trading to advance up to two long-term LNG sales and purchase agreements for deliveries to Germany, Europe, and Asian markets. The companies also signed a memorandum of understanding (MoU) with Securing Energy for Europe (SEFE) to explore cooperation across the natural gas and LNG value chains.
In addition, TA'ZIZ, the UAE's world-scale chemicals and transition fuels company, and Covestro, a German polyurethane and polycarbonate raw materials producer, signed an LoI outlining the next steps in a joint feasibility study for a world-scale methylene diphenyl diisocyanate (MDI) value chain in Ruwais.
The UAE-Germany Investment Council was also launched alongside the agreements to bring together government, capital, and companies to identify commercially viable opportunities and accelerate growth in priority sectors. ADNOC's existing long-term LNG agreements provide 1.6 million tons per year of supply to the German market, enough gas to power more than 3.5 million German households.