FRANKFURT,— Germany and the United Arab Emirates moved to strengthen their energy partnership on Friday, signing several deals covering clean power and natural gas.

The agreements are part of a wider €40 billion ($46.4 billion) package aimed at supporting industry in Germany, Europe’s largest economy.

The two countries already trade about $15.5 billion worth of goods each year, and both sides have been working to build closer ties as instability tied to the U.S.-Israeli conflict with Iran continues to unsettle global markets.

RWE, Germany’s biggest electricity producer, signed a memorandum of understanding with Masdar, the UAE’s state-backed clean energy company, to explore teaming up for Germany’s offshore wind auctions set for 2027.

That potential partnership could bring in more than €3 billion in investment.

RWE also signed a letter of intent with ADNOC for future shipments of liquefied natural gas, expanding on a preliminary deal the companies reached in February.

ADNOC’s chief executive, Sultan al-Jaber, who also serves as the UAE’s Minister of Industry and Advanced Technology, said the agreements reflect a long-standing partnership between the two nations aimed at driving economic growth for years to come.

The companies intend to finalize terms for as many as two LNG supply contracts, which would send gas to Germany along with other buyers in Europe and Asia starting in the early 2030s.

The gas would come from ADNOC Gas and ADNOC’s international division, XRG.

Separately, XRG, ADNOC and Germany’s state-owned energy company SEFE signed their own memorandum to look into expanding cooperation on gas and LNG projects.

Rainer Seele, who leads XRG’s chemicals division, said the company already holds a wide-ranging LNG portfolio and plans to keep investing in future supply, adding that he hopes to move quickly on a long-term partnership with SEFE.

In a separate deal, Masdar and Luxcara, a German energy infrastructure investment firm, agreed to look into joint projects in energy storage and offshore wind across Germany and other markets, a venture valued at more than €5 billion.

(With files from Reuters)

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