ADNOC-backed AIQ secures deal to enter Indian energy markets

By Vallari Srivastava

DUBAI, Sept ‌30 (Reuters) - United ​Arab Emirates-based ​technology company AIQ has signed an agreement to enter India's oil and gas sector as it steps up ‌efforts to expand beyond its home market, company executives ⁠said on Wednesday.

AIQ will deploy its technology across the refineries, gas stations and ‌digital stores of an Indian ‌oil and gas conglomerate, Chief Executive Officer Dennis Jol told a media briefing, declining to identify the customer.

• AIQ began exporting ​its technology 12 to 15 months ago and now operates in markets including North America, Kazakhstan, Egypt, Colombia, Malaysia, Vietnam ⁠and Kuwait, Jol said.

• Formed in 2023, AIQ is a joint venture between Abu Dhabi ​National Oil Company and Presight. It uses artificial intelligence and machine learning to help improve profitability in the ​energy industry, including at ADNOC.

• However, ‌AIQ still derives most of its revenue from ADNOC and AI company G42, the majority shareholder in ⁠Presight. All other customers account for about 5% of its business.

• "At the end of the day, you need an entry into this international market, ⁠which we are trying to focus on right now," Chief Technology Officer Saravan ​Penubarthi said.

• The energy industry is increasingly adopting AI for cloud-based software, automation of remote operations and seismic data analysis to improve production and efficiency.

• AIQ ‌also aims to pursue acquisition opportunities as part of its expansion strategy. "We sit on a ton ‌of cash ... so deploying capital is definitely up front and center," CEO ⁠Jol said.

• AIQ's partners include ‌Microsoft, Nvidia, Amazon ​Web Services, and US oilfield services providers SLB and Baker Hughes.

(Reporting by Vallari Srivastava in Dubai. Editing by ‌Mark Potter)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• HPE boosts networking growth outlook, gets $1.2 billion AI order from cloud firm Vultr
• Wall St opens higher as soft inflation data eases rate-hike fears
• Spain orders probe after rights group alleges troops abused migrants in Ceuta