The United Arab Emirates and Russia have signed agreements and MoUs on investment and the environment to develop the strategic partnership between the two countries.
Abu Dhabi National Oil Company (ADNOC) said that it has agreed to sell a stake in the Ghasha gas project to Lukoil, and also signed a strategic framework agreement with Gazprom Neft on upstream, downstream and technology cooperation.
The agreements were signed during Russian President Vladimir Putin's visit to the UAE.
The Russian and UAE energy ministries also signed an MoU that envisages creating a working group on energy that will develop concrete proposals for joint energy projects.
Russian Energy Minister Alexander Novak said that promising areas for cooperation between Russia and the UAE include LNG and nuclear and electric power, according to a ministry statement.
More so, the sovereign funds of Russia and the UAE are expected to sign 10 investment deals worth over 1.3 billion US dollars.
The Russian Direct Investment Fund (RDIF) said Tuesday that the deals with its UAE counterpart, Mubadala Investment Company, will cover areas such as high technology, healthcare, oil and gas, logistics, industrial production, and artificial intelligence.
During Putin's visit, the two sovereign funds will also organize a meeting of business leaders from the two countries on expanding cooperation and implementing joint projects and prepare an exhibition on investment cooperation, the RDIF said in a statement.
During six years of successful cooperation between the two sides, investments worth more than 2 billion dollars have been made and approved for more than 45 projects, it added.
Russia and the UAE are successfully developing partnerships in trade, energy, industry, tourism, and even in specialized fields such as training astronauts, the statement quoted RDIF CEO Kirill Dmitriev as saying.
Hazza Al Mansouri became the first UAE astronaut to take part in a mission at the International Space Station (ISS) from Sept. 25 to Oct. 3.