UAE firm to enter Indian energy market

United Arab Emirates-based technology company AIQ has signed an agreement to deploy its artificial intelligence and machine-learning technology across the refineries, gas stations and digital stores of an Indian oil and gas conglomerate, company executives said on Wednesday. The move marks a push by AIQ to widen its footprint beyond the UAE, where it still derives most of its revenue, and to grow its relatively nascent export business that began 12 to 15 months ago.

"At the end of the day, you need an entry into this international market, which we are trying to focus on right now," said Saravan Penubarthi, chief technology officer, underscoring the strategic intent behind the India agreement.

Deal specifics and company background

AIQ, formed in 2020 as a joint venture between Abu Dhabi National Oil Co. (Adnoc) and Presight, develops AI-driven software to improve profitability across the energy value chain. CEO Dennis Jol told a media briefing that the firm will roll out its solutions across the customer’s downstream sites in India, but he declined to name the Indian conglomerate involved.

AIQ has been expanding internationally since it began exporting technology 12 to 15 months ago. Jol said the company now operates in North America, Kazakhstan, Egypt, Colombia, Malaysia, Vietnam and Kuwait. Despite that reach, the company still relies heavily on Adnoc for the bulk of its revenue, with all other customers accounting for about 5 percent of its business.

Partners, capabilities and financial posture

• AIQ’s partners include Microsoft, Nvidia and Amazon Web Services, alongside US oilfield services providers SLB and Baker Hughes.
• The company applies cloud-based AI, automation for remote operations and seismic data analysis to help energy operators boost production and efficiency.
• AIQ has signalled appetite for inorganic growth. "We sit on a ton of cash ... so deploying capital is definitely up front and center," Jol said, indicating acquisitions will form part of the expansion playbook.

AIQ’s combination of in-house AI models, third‑party cloud and hardware partnerships, and field deployments with major oilfield services firms positions it to target operational improvements across refinery throughput, retail fuel operations and digital commerce at forecourts. The firm’s emphasis on downstream applications — refineries, stations and digital stores — aligns with demand from large integrated oil companies seeking margin uplift in lower-margin retail and refining segments.

Outlook

The India agreement gives AIQ an initial gateway into one of the world’s largest energy markets and a platform to diversify away from its dependence on Adnoc. With operations already established across several continents and a declared war chest for acquisitions, AIQ is likely to pursue additional contracts and bolt-on purchases to scale its international revenue beyond the current roughly 5 percent represented by non-Adnoc customers.

How quickly AIQ converts the India deployment into demonstrable financial uplift and additional regional contracts will determine whether the company can shift its revenue mix and reduce concentration risk. For now, the deal represents a strategic first step into a market where AI-driven efficiency gains in cloud software, remote automation and data analysis are increasingly sought by energy incumbents.