AIQ signs India oil and gas deal as overseas expansion accelerates

  • AIQ signed an agreement to deploy technology across an Indian oil and gas conglomerate.
  • 5% of AIQ’s business comes from customers other than ADNOC and G42.
  • AIQ began exporting its technology 12 to 15 months ago and operates across seven listed markets.

UAE-based technology company AIQ has signed an agreement to enter India’s oil and gas sector, extending its international expansion beyond its home market. The company will deploy artificial intelligence and machine learning across the refineries, gas stations and digital stores of an unnamed Indian oil and gas conglomerate, Chief Executive Officer Dennis Jol said at a media briefing. AIQ began exporting its technology 12 to 15 months ago and now operates in North America, Kazakhstan, Egypt, Colombia, Malaysia, Vietnam and Kuwait. Formed in 2023 as a joint venture between Abu Dhabi National Oil Company and Presight, AIQ develops tools intended to improve energy-sector profitability, including at ADNOC. ADNOC and G42, the majority shareholder in Presight, still provide most of AIQ’s revenue, while all other customers account for about 5% of its business. The company also plans to pursue acquisitions and counts Microsoft, Nvidia, Amazon Web Services, SLB and Baker Hughes among its partners.

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AIQ signs India oil and gas deal as overseas expansion accelerates - CoinPost Terminal