Sharjah National Oil Corporation of the UAE and Norway's Equinor Sign Memorandum of Understanding on LPG Cooperation

en.Wedoany.com Reported - On October 20, Sharjah National Oil Corporation of the UAE signed a memorandum of understanding on cooperation with Norwegian energy company Equinor. The two parties plan to jointly assess cooperation opportunities in the storage, transportation, supply, and trading of liquefied petroleum gas (LPG), natural gas liquids (NGLs), and other oil and gas products. The agreement also covers operational optimization of the UAE's existing petrochemical product storage facilities, as well as certain energy transition businesses. The two parties will determine the direction of subsequent commercial cooperation through joint assessments.

Under the agreement, Sharjah National Oil Corporation will conduct cooperative studies with Equinor's oil and gas resources, international trading, and logistics operations, building on its existing oil and gas infrastructure. The scope of assessment includes the organization of LPG and NGL supply, maritime transportation, utilization of storage facilities, and trading arrangements for regional and international markets.

Khamis Al Mazrouei, Chief Executive Officer of Sharjah National Oil Corporation, stated that the two parties will focus on studying the utilization of existing infrastructure and businesses related to the LPG industry chain. Alex Grant, Senior Vice President of Crude Oil, Refined Products, and Liquids Trading at Equinor, stated that the two parties plan to combine Sharjah's infrastructure with Equinor's oil and gas resources, trading, and logistics network to assess commercial opportunities in regional and international energy markets.

At present, the two parties have not disclosed specific cooperation projects, investment amounts, LPG transportation volumes, vessel configurations, additional storage facility capacity, or implementation timelines. Subsequent cooperation projects still require completion of commercial assessments.