Franco-Emirati Energy Agreement

France and the UAE have signed an energy cooperation agreement to secure natural gas supplies as Europe braces for the possibility of cutting off gas supplies from Russia entirely.

The French Economy Ministry announced the agreement, and President Emmanuel Macron received his Emirati counterpart, Mohammed bin Zayed Al Nahyan, in Paris.

French Economy Minister Bruno Le Maire said the agreement has “double strategic importance as it allows us to address pressing energy security issues in the short term while preparing for a carbon-neutral future.”

The ministry has not released details of the agreement or a date for its ratification.

According to the French ministry, Sheikh Mohammed’s first visit to France since he took office is expected to witness the signing of other trade and energy agreements, one of which is between the French energy giant Total and the Abu National Oil Company. Dabi. guarantee power supply.

Today’s meeting between Macron and Al Nahyan comes at a time when European countries are preparing for a possible shutdown of Russian gas amid soaring energy prices, inflation and a crisis in living standards in the 27-nation bloc.

And the US Energy Information Agency cited statistics showing the UAE has the world’s seventh largest natural gas reserves, with more than 215 trillion cubic feet.

It is also one of the ten largest oil producers in the world, and most of its oil and gas wealth is concentrated in the emirate of Abu Dhabi.

Source: Associated Press