The Abu Dhabi National Oil Company (Adnoc) and Malaysian oil company Petronas are set to discuss proactive steps to explore new opportunities. The two parties are scheduled to meet behind closed doors in a meeting during an industry conference in Abu Dhabi to be held in November.

Recently, Malaysian Economic Affairs Minister Datuk Seri Azmin Ali met with United Arab Emirates’ Minister of State and Adnoc CEO Dr. Sultan Ahmed Al Jaber during the former’s visit to the emirates.

Through a social media post, Datuk Seri Azmin Ali said, “Dr. Sultan and I discussed potential opportunities that can be unlocked with strategic cooperation between Adnoc and Petronas.”

According to reports, Petronas will form a special team for the meeting with Adnoc, which will be led by Petronas chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin.

Another report claimed that Malaysia and the UAE had received a proposal that could see companies extend their market reach in both countries and create investment opportunities. The proposal would see both governments identifying investment opportunities in not just oil and gas, but also the renewable energy, infrastructure, and in the tourism sectors. Companies such as Mubadala, Abu Dhabi Investment Authority, Khazanah Nasional as well as Petronas could be a part of the development.

Recently, Adnoc CEO Dr. Sultan Ahmed Al Jaber also met with Alexander Novak, Minister of Energy of the Russian Federation. Both of them explored potential opportunities for collaboration as the UAE-based oil giant seeks to expand its strategic partnership and investment base across its entire value chain.

Earlier this month, Adnoc also signed a Dh2.2 billion infrastructure investment agreement with GIC, Singapore’s sovereign wealth fund, and few other investors.