His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan, member of the Abu Dhabi Executive Council and head of the Abu Dhabi Executive Office, chaired the meeting of the Executive Committee of the Abu Dhabi National Oil Company (ADNOC) Board of Directors.
During the meeting, which was held at ADNOC’s headquarters, His Highness was briefed on ADNOC’s plans to support the UAE’s strategic initiative to achieve climate neutrality 2050, and also approved ADNOC’s plans to develop and provide new opportunities in the new energy sector. During the meeting, His Highness and the Executive Committee discussed the company’s plans to accelerate local industrial growth and enhance the UAE’s leadership in the emerging value chains of low-carbon fuels.
His Highness and the Executive Committee were briefed on the progress achieved in the ADNOC program to enhance the local added value, and its role in supporting sustainable economic growth in the country.
ADNOC awarded contracts worth more than 40 billion dirhams this year, 64% of their value was redirected to the national economy.
During the meeting, His Highness and the Executive Committee reviewed ADNOC’s recent achievements, including the initial public offering of ADNOC Drilling and the offering of a share of Fertiglobe shares for initial public offering. There was also a discussion during the meeting.
His Highness Sheikh Khalid bin Mohamed bin Zayed Al Nahyan praised ADNOC’s recent performance and achievements, expressing his confidence that the company is in a good position to continue creating long-term value and advancing the efforts of the Emirate of Abu Dhabi and the UAE to achieve its ambitious economic goals over the next fifty years.
The Executive Committee of the ADNOC Board of Directors holds several meetings throughout the year to review the company’s progress in implementing its strategic and financial objectives, as well as its operational performance.
In line with its 2030 strategy, ADNOC is working to strengthen its position among the world’s least expensive crude oil producing companies and the least carbon-intensive in the world, while seeking to increase its crude oil production capacity and enable the UAE to achieve self-sufficiency in Gas and expanding its business in the field of refining, petrochemicals and gas, and supporting and developing its commercial capabilities.
ADNOC’s expansion of its refining, petrochemical and gas business contributes to driving industrial growth in the UAE and attracting local and international partners to accelerate the development of the petrochemicals and derivatives industry in Abu Dhabi, by “enhancing” the joint venture between ADNOC and “Holding”. In addition, ADNOC is developing its blue hydrogen and ammonia portfolio and expanding and developing its manufacturing base in Ruwais.
The meeting was attended by Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, Ahmed bin Ali Mohammed Al Sayegh, Minister of State, and Khaldoon Khalifa Al Mubarak, Managing Director and CEO For Mubadala Investment Company, and His Excellency Jassim Al Zaabi, Head of the Department of Finance in Abu Dhabi.