Mubadala Energy and Masdar will collaborate to explore and engage in opportunities relating to decarbonisation and energy transition initiatives
Both firms will collaboratively explore partnerships that utilise Mubadala Energy's technical skills across its operated and non-operated portfolios, as well as Masdar's expertise in decarbonisation and energy transition technologies.
The relationship will span a number of synergistic sectors, with a focus on Mubadala Energy's key geographies, including the Middle East and North Africa (MENA) and Southeast Asia (SEA), and the potential of exploring other regions of mutual interest. This includes technological solutions to decarbonise or increase the energy efficiency of upstream oil and gas assets, prospective combined investments in value-added new energy and lower-carbon projects, and collaboration on emissions control programmes.
Commenting on the announcement, Dr. Bakheet Al Katheeri, CEO of UAE Investments Platform at Mubadala Investment Company, said, “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.”
Mansoor Mohamed Al Hamed, CEO Mubadala Energy, said, “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 decarbonize operations. This bold partnership with Masdar has the potential to greatly accelerate these efforts as well as create opportunities in growth sectors within the industry. As the UAE prepares to welcome leaders from around the world for COP28, we’re proud to be forging this strategic partnership.”
Mohamed Jameel Al Ramahi, CEO, Masdar, commented, “Masdar believes that energy sector investments must support scalable clean energy alternatives, new solutions for hard to abate industries and more efficient use of natural resources, to mitigate climate change while ensuring a sustainable energy supply. 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.”
