UAE company AIQ enters Indian energy market with artificial intelligence technology

The UAE technology company AIQ, backed by state energy giant ADNOC, has signed an agreement to enter the Indian oil and gas sector, as Reuters reports.

According to Reuters, AIQ will deploy its technology in the refineries, fuel stations and digital stores of an Indian oil conglomerate, whose name was not disclosed by chief executive Dennis Jol. The company began exporting its technology 12-15 months ago and now operates in North America, Kazakhstan, Egypt, Colombia, Malaysia, Vietnam and Kuwait.

Formed in 2023 as a joint venture between ADNOC and Presight, the company uses artificial intelligence and machine learning to improve the profitability of the energy industry. However, as Reuters notes, most of its revenue still comes from ADNOC and the AI company G42, the main shareholder of Presight — other clients account for only about 5 percent.

According to CTO Saravan Penubarthi, “an entry into this international market is needed”, while chief executive Jol said the company “sits on a mountain of cash” and is looking for acquisition opportunities, Reuters stresses. AIQ’s partners include Microsoft, Nvidia, AWS, SLB and Baker Hughes.