ADNOC executive: ADNOC is looking at Canada's upstream LNG and XRG opportunities through its XRG arm
A senior executive of the Abu Dhabi National Oil 'Company' said on Tuesday at the Global Energy Show, in Calgary, that it is exploring opportunities for its XRG international arm in Canada's liquefied gas and upstream sectors.
Musabbeh Al Kaabi is the CEO of ADNOC upstream. He did not give details about what investments ADNOC may be looking at in Canada. However, he said that he was 'encouraged' by Canada's renewed emphasis on energy development.
The United Arab Emirates aims to increase its energy investment abroad, particularly through the?recently established firm XRG, which is the foreign investments arm of ADNOC, its state-owned oil company.
In response to tariff threats by President Donald Trump, Canada has also been trying to diversify its exports outside of its main'market' of the United States. Mark Carney, the Prime Minister of Canada, visited the UAE on an official basis in late last year.
Al Kaabi stated that the visit set the stage for future collaboration.
Canada is the fourth largest crude oil producer in the world and ranks fifth for natural gas production. Recently, Germany's SEFE Uniper and Germany's SEFE have shown interest in Canada's new LNG industry.
Tim Hodgson, Minister of Natural Resources, said that Canada was seeking to position itself as a safe and secure source of energy in a period of global uncertainty.
ADNOC?already?has a presence in?Canada via its portfolio company?Nova Chemicals which has operations located in Alberta.
(source: Reuters)
