AIQ expands into India's oil and gas market with AI technology deal

AIQ, a UAE-based technology company backed by Adnoc, has signed a deal to enter India's oil and gas market, deploying its AI technology across refineries, gas stations, and digital stores of an unnamed Indian conglomerate. The company, which began exporting its technology 12 to 15 months ago, already operates in North America, Kazakhstan, Egypt, Colombia, Malaysia, Vietnam, and Kuwait. AIQ still derives about 95% of its revenue from Adnoc, with international customers accounting for roughly 5%. Formed in 2020 as a joint venture between Adnoc and Presight, AIQ uses AI and machine learning to improve energy profitability. The company plans to pursue acquisitions, citing significant cash reserves, and partners with Microsoft, Nvidia, Amazon Web Services, SLB, and Baker Hughes.