ADNOC signs partnership agreement worth up to $2.5bn with Indonesia's Pertamina

ADNOC has signed an agreement with Indonesia's state energy company Pertamina to collaborate in both countries and internationally. Indonesia' foreign ministry said that the partnership could be worth up to $2.5bn.

The scope of work includes Pertamina's participating in the UAE's upstream sector and downstream opportunities for ADNOC in Indonesia, including LNG, LPG, refining and petrochemicals, aviation fueld and fuel retailing.

The two companies signed a comprehensive strategic framework agreement during the Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed's trip to Indonesia.

This underlines ADNOC's strategy to increase foreign partnerships and bolster its downstream portfolio both in and outside of the UAE.