Abu Dhabi companies announce deals in Germany that could attract more than €5 billion in investment
Abu Dhabi companies Adnoc, XRG and Masdar announced agreements with German partners in Germany that could potentially secure more than €5 billion in investment in the country’s energy and industrial sectors. The agreements were reached during the state visit of President Sheikh Mohammed to Germany, The National reports.
During the visit, the UAE also announced its intention to make long-term investments in Germany worth €40 billion. The agreements were concluded with RWE, Securing Energy for Europe (SEFE), MB Energy, Covestro, Siemens Energy, Siemens Industrial, Bosch Middle East and Luxcara. They cover liquefied natural gas, gas infrastructure, renewable energy, low-carbon ammonia, advanced materials, technology and artificial intelligence.
Energy agreements
Adnoc and RWE signed an agreement to supply liquefied natural gas to Germany and other European countries, as well as to Asian customers. The suppliers are expected to be Adnoc and XRG, Adnoc’s international energy investment division, which is expected to begin operations at the start of the next decade.
Adnoc, XRG and SEFE agreed to assess potential cooperation in gas supplies, infrastructure and logistics development, as well as portfolio optimisation. The stated goal is to support long-term energy security and the development of the European market.
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Ammonia, wind and technology
Fertiglobe, Covestro and MB Energy agreed to explore cooperation to develop low-carbon ammonia supply chains to Germany. The Ta'ziz joint venture, established by Adnoc and holding company ADQ, signed a letter of intent with Covestro on next steps to create a facility in Ruwais. The parties intend to make a final investment decision before possible production begins after 2030.
Masdar and RWE will consider joint participation in future German offshore wind energy auctions. Masdar and Luxcara also concluded an agreement to explore joint investments in offshore wind farms and energy storage systems in Germany and other European countries. Adnoc separately signed agreements with Bosch Middle East, Siemens Energy and Siemens Industrial on possible cooperation in advanced technologies and artificial intelligence.
Alongside the announcement of the agreements, the UAE-Germany Investment Council was launched. It is expected to bring together governments, capital and companies to identify commercially viable opportunities, remove barriers to investment and accelerate growth in priority sectors.
