Saudi Arabian Oil Co. (Saudi Aramco) signed a memorandum of understanding with Abu Dhabi National Oil Co. (ADNOC) covering energy and technology collaboration.

Under the terms of the agreement, the two companies will collaborate on identifying technologies that could deliver improved operational performance and efficiency across the oil and gas value chain.

The memorandum was signed by H.E. Dr. Sultan Ahmed Al Jaber, the United Arab Emirates' (UAE) minister of state and ADNOC Group CEO, and Amin H. Nasser, president and CEO of Saudi Aramco.

Saudi Aramco also signed a memorandum of understanding with Masdar, Abu Dhabi’s renewable energy company. Under the terms of the agreement, Masdar and Saudi Aramco will collaborate on sustainable development and renewable energy, in order to yield advancements in clean electricity generation, and carbon capture for Saudi Arabia, the UAE and the world.

The memorandum was signed by Yasser Mufti, executive director for new business development at Saudi Aramco, and Mohamed Jameel Al Ramahi, CEO of Masdar.