RWE Germany and UAE sign agreement on deeper cooperation in LNG, offshore wind and LNG

RWE, Germany’s largest power company, signed on Friday two preliminary agreements in order to strengthen cooperation with the United Arab Emirates (UAE) in the fields of offshore wind energy and liquefied gas. This is part of an overall push to improve ties.

The agreement includes a Memorandum of Understanding with Masda, a state-backed renewables energy company in the UAE. It covers a possible joint participation in German off-shore wind auctions for?2027. This could involve an investment of over EUR3 billion ($3.5billion).

Germany and the UAE, which have a 'trade relationship' worth $15.5 billion per year, are seeking to strengthen their relations in light of political unrest, such as the war in Iran.

RWE also signed a letter with?ADNOC regarding future LNG supplies, building on a framework agreement between the two parties that was first reached in February.

The two parties plan to sign up to 2 LNG offtake agreements in the early 2030s to supply German markets, as well as those of other European and Asian countries.

ADNOC Gas, ADNOC International and XRG are the only two companies that can supply LNG volumes.

(source: Reuters)