Oct 10, 2023

Business Russia takes part in ADIPEC-2023

The team of Business Russia has successfully completed its participation in the International Oil and Gas Exhibition ADIPEC-2023 in Abu Dhabi. Within four days, several dozen meetings and negotiations with representatives of UAE oil and gas companies, including Abu Dhabi National Oil Company (ADNOC), took place in the frames of the world's largest energy event. Besides, a panel discussion with the participation of representatives of the UAE Ministry of Industry and Advanced Technologies (MoIAT) was held to negotiate possible development of the Russian power business in the Emirates.

ADIPEC exhibition is the flagship international energy event. This year, the event was held on the eve of the climate summit COP28 focusing on the decarbonation and energy safety issues. Over 2,200 exhibitors, 160 thousand delegates, 40 energy ministers from different countries took part at the exhibition. ADIPEC-2023 moto is the words "Decarbonizing. Faster. Together". 

The speech of Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director of ADNOC and COP28 President-Designate, on main tasks in achieving clean power future was highly anticipated. The tasks include decarbonizing, transition to renewable energy sources, reduction of industrial emissions and growth of global investments in clean power. According to the minister, the 2023 investments in the energy sector will amount to $ 2.8 trillion, over 60% ($ 1.7 trillion) of which will be directed to clean energy sources.

During ADIPEC-2023, over 20 oil and gas companies supported the call for action to combat climate change. A record number of engineering transactions on emission reduction were made during the exhibition. One of the most prominent transactions was the one between Adnoc Gas and Petrofac to build a CO2 capture facility worth $615 million. One of the main topics of ADIPEC was the transition to the use of hydrogen. The UAE announced its intention to become the leading exporter of low-carbon hydrogen, producing 19.8 GW of clean power and 1.4 million tons/year of low-carbon hydrogen by 2031.

About 50 Russian companies including leading oil and gas enterprisers (Lukoil, Transneft, Gazprom, TMK and Severstal) presented their products at ADIPEC-2023, Over 500 B2B meetings with foreign partners from the UAE, Oman, Qatar, Bahrain, as well as from some European countries took place at the collective exhibit of the Russian Export Center "Made in Russia" in 4 days.  

In the frames of ADIPEC-2023, a panel discussion was held with the participation of representatives of the UAE Ministry of Industry and Advanced Technologies (MoIAT), the governmental authorities of the Emirates and Russian entrepreneurs participating in the exhibition. During the meeting, the experts spoke about the opportunities of the Russian companies and called the Russian companies to develop their projects in the UAE. In the second place, participants from Russia presented their projects and talked about their plans and achievements. It was mentioned that the cooperation between the UAE and Russian companies is getting stronger in recent years, the trade turnover between the countries reached a record $ 9 billion in 2022.

Engaging partners from Russia is profitable for the Emirates taking into account the initiatives for developing industrial sector and the Industrial development law adopted in the UAE, aiming at attracting investments and foreign SMEs to the industrial sector.

The next anticipated event in the UAE is World Climate Summit COP28. The event will be held in Dubai from November 30 to December 12 to bring together over 70 thousand leading industry experts: politicians, world leaders of climate action, scientists, businessmen and media representatives. The COP28 will sum up the results of the program announced at COP21 in Paris. The purpose of the event is to turn promises into real actions aimed at combating climate change. The UAE has taken a significant step towards leadership in sustainable development ahead of COP28 committing to achieve zero emissions by 2050.