Your excellencies, distinguished delegates, colleagues, ladies and gentlemen, my good friends, it is indeed with great pleasure that I join you here in Goa for this very important and relevant India Energy Week. I'm very happy to see so many of my friends, colleagues and in fact very familiar faces here in Goa.
Allow me though to start by thanking my very good friend, His Excellency Hardeep Singh Puri, Minister of Petroleum and Natural Gas, for his kind invitation to join this distinguished gathering, for his warm welcome and his known hospitality. I thank you, sir, for everything you've done for us.
And as I look around, the sheer size of this event reflects the simple fact that India increasingly sits at the center of global energy growth.
As some of you look at today's energy landscape and see volatility, some see shifting supply dynamics. Others see geopolitical shocks, technological disruption. Let me tell you how I view it because I see it a little differently. Behind the current turbulence is a much bigger picture of transformation at scale. And transformation rewards those who move boldly, not those who wait for calm seas.
Because the defining story of energy today is simply growth. Growth that is driven by three powerful mega trends. One, the rise of emerging markets led by Asia and in particular India. Two, the exponential growth of AI and the rapid expansion of digital infrastructure. And three, the transformation of energy systems, not a formula based on a single source, but an integration of many.
Together, these mega trends are driving the largest expansion of energy demand in human history. Faster, broader, and more complex than anything we have seen before.
Between now and 2040, oil demand will remain above 100 million barrels per day. Demand for LNG will climb over 50%. Electricity demand will also grow by 50%.
And while everyone wants to talk about the power required for data centers and AI, let me give you two additional letters that will reshape energy markets just as fast: AC. By 2050, the world will have 5.6 billion air conditioners, up from 1.6 billion today. That is 10 new units sold every second for the next 30 years.
Demand at this scale and pace requires investment in all forms of energy. The biggest risk is not over supply. It is under investment.
And the way I see it really is that the way things are really playing out, I find this to be more of an energy addition than anything else. And one data point in particular makes this clear. And as my very good friend sitting here right in the front, Javier Blas, recently pointed out, last year one in four cars sold globally was electric. At the same time, the single largest increase in petroleum demand came from gasoline. That's a very important point one should consider and reflect on.
Distinguished delegates, at the heart of all three mega trends sits one nation, and that is India. As the world's third largest energy consumer, it has become a decisive driver of global demand.
Over the next 15 years, air travel in India will grow by 150%. India's cities will approach 1 billion people and its data center capacity will increase tenfold. And as Prime Minister Narendra Modi put it so clearly, India does not do progress in increments. It goes for quantum leaps.
And progress at this pace and growth at this scale demands a special kind of partnership. Partnership that is strategic, long-term, agile, and flexible. Partnership that is steadfast, dependable, reliable, principled, and consistent. And partnership that is based on trust and partnership that will endure through thick and thin. That is precisely what defines the UAE-India partnership.
Last year, trade between our two countries passed the $100 billion mark, a record high, spanning technology, logistics, infrastructure, health, education, culture, tourism, and of course energy of all forms, conventional, unconventional, alternatives, and renewables, as well as infrastructure related to energy.
And just last week, our president, His Highness Sheikh Mohamed bin Zayed Al Nahyan, and Prime Minister Modi agreed to double bilateral trade to $200 billion by 2032. This is the scale of our shared ambition.
And when it comes to energy, as India consumes more crude to fuel its refineries, ADNOC is proud to be a trusted, dependable supplier. And as India aims to double natural gas in its energy mix, we have made this nation our number one market for LNG.
As millions of Indian households turn to cleaner cooking fuels, we are already India's largest supplier of LPG. We will continue to supply feedstocks and chemicals for India's petrochemical and industrial needs. And as India builds out its renewable energy capacity, we are investing alongside you across 11 gigawatts of solar, wind and storage through our global climate investment vehicle, Alterra.
Excellencies, as the global energy landscape evolves, we are guided by a fundamental truth. In today's world, standing still is moving backward. That is why we created XRG, leveraging and extending our core strengths in energy expertise, capital, and global partnerships. This is a platform for value creation, a platform for value preservation, and it strengthens our commitment to being a reliable, responsible energy supplier globally.
Through XRG, we are expanding our global gas portfolio across Asia, Africa, and the Americas. We are building a world-leading advanced and specialty chemicals platform with the combined strengths and capabilities of Borouge, Nova and CQ斯特罗. And we are investing in energy infrastructure to support digital and industrial growth at scale.
At the same time, we are reimagining what a 21st century energy company should look like with AI as its engine. In today's ADNOC, agentic AI systems monitor every well in our portfolio in real time, predicting equipment failures before they happen, optimizing production barrel by barrel. From the wellhead to the trading floor, we have deployed more than 200 AI tools and 65 robotic applications.
And as a result, we have cut unplanned shutdowns in half, boosted performance, driven efficiency, and reinforced resilience. This is not a pilot program. This is in fact how we operate today.
And as we build our portfolio of AI tools through our homegrown company AIQ, we are open to collaborating with partners who seek to enhance their own capabilities and ensure their resilience.
Excellencies, distinguished delegates, ladies and gentlemen, in an era of constant change, reliable partnerships are the real strategic reserves.
That is why decades ago, our leadership in the United Arab Emirates made a strategic choice to design an economy that is open to the world. Open trade, open ports, open skies. And the results speak for themselves. In just three years, we have achieved 35 comprehensive economic partnership agreements fully activated. The very first of those was with India.
And last year we attracted over $45 billion in strategic foreign direct investment. And today more than half of all investment into the Middle East flows through the UAE.
These outcomes don't happen by chance. They happen by choice and they happen by commitment and hard work. We know who we are. And we know where we're going. And our values never change. Our values are our north star. When we trust, trust is paramount. And when we trust, we never change.
We let our records speak. When credibility counts, we deliver. When partners value certainty, we offer consistency. And in the moments that matter, we show up.
If you are an investor seeking predictable returns, look to the UAE. If good governance and the rule of law are essential, you will find them in the UAE. And if you want a partner whose conviction will not waver, you can count on the UAE.
In an age of walls, our message is simple: build doors and the world will walk through them. And I invite you all, I invite all of our partners from India and around the world, to walk with us through those doors and into a brighter future together. I thank you.
