UAE and Russia to boost cooperation in oil, gas and peaceful nuclear energy sectors

HE Minister of Energy and Industry “Suhail Al Mazrouei” said that the visit of President Vladimir Putin of the Russian Federation to the UAE reflects the strength of the strategic partnership between the two countries and enhances cooperation in vital sectors.


He said that the UAE-Russia cooperation plan includes many vital sectors, particularly energy, industry and peaceful nuclear energy. He pointed out that there is cooperation between the two countries to buy Russian nuclear fuel within the framework of the UAE’s peaceful nuclear energy program.


He pointed out the interest of Russian companies working in the field of oil and gas to invest in the UAE market soon and the transfer of Russian technologies to the UAE in this vital sector, which opens the door to increase investments in various sectors in the future.


The Minister of Energy and Industry praised Russia’s great role in the success of the agreement between the countries of the Organization of Petroleum Exporting Countries (OPEC) and its allies, known as “OPEC +” to curb the excessive increase in oil production, which contributed to the balance of supply and demand and stabilize the global oil market. His Excellency explained that Mubadala Petroleum’s investments in the Russian oil sector exceed $ 300 million in cooperation with the Russian Fund for Direct Investment of the Russian government. A joint venture was established with Gazprom Neft to develop a number of oil fields in the Tomsk and Omsk regions of western Siberia, reflecting significant growth in the partnership between the two countries.