Germany and UAE strengthen energy cooperation through agreements with RWE and SEFE

Germany and the United Arab Emirates deepened their energy relations on Friday with a series of agreements that covered renewables and gas. The agreements are part of an overall EUR40 billion (US$46.4 billion) push for investment to support industry within Europe's largest economy.

Germany and the UAE, which have a trade relationship worth $15.5 billion per year, are seeking to 'closer their relations in the face of political unrest, such as the war in Iran. Energy plays a key role.

RWE, Germany’s largest power company, signed a memorandum of agreement with Masdar, the UAE-based renewable energy company, on Friday. The document outlines a potential joint participation in German off-shore wind auctions for?2027, which could involve an investment of over?3 billion euros.

RWE and ADNOC also signed a letter expressing their intent to supply future liquefied gas. This follows a framework agreement that was reached between the parties in February.

Sultan al-Jaber is the CEO of ADNOC Group and Minister of Industry and Advanced Technology in the UAE.

The two parties intend to agree on terms for two LNG offtake contracts to supply German markets as well as those in Europe and Asia from the early 2030s. ADNOC Gas, ADNOC International and XRG will provide any LNG volumes.

XRG, ADNOC and German state-owned SEFE have also signed a MoU in order to explore deeper collaborations within the?fields? of natural gas, LNG, and other energy sources.

Masdar and German energy infrastructure investment company Luxcara have also agreed to explore joint offshore wind and energy storage investments in Germany.

(source: Reuters)