Dr Sultan Ahmed Al Jaber, UAE minister of industry and advanced technology and Group CEO of the Abu Dhabi National Oil Company (ADNOC), has shared insights on energy market dynamics, the energy transition and ADNOC’s future strategy during a virtual session of the Energy Intelligence Forum
Speaking with Alex Schindelar, president of Energy Intelligence, during a leadership dialogue, Dr Al Jaber said, “When it comes to managing the economic impact of Covid, it really comes down to the fact that we are realising the benefits of the transformation we started four years ago. Over this period we have focused on improving our performance and strengthening our agility while always reinforcing efficiency throughout our business. Most importantly we have focused on what we can control and that is our costs.
“Going forward, we will continue to focus on developing our upstream resources and expanding our downstream footprint here in the UAE, while maximising value through creative partnerships. In addition, we are further strengthening our marketing and trading capabilities. Last month we completed our first derivatives trade, marking the beginning of a new era for ADNOC as an active trader.”
Commenting on how ADNOC and Abu Dhabi have continued to attract investment in 2020 following ADNOC’s multi-billion dollar deals, Dr Al Jaber added that the deals were as a result of the fact that the UAE has created a safe, reliable, and stable business environment, underpinned by a unique partnership model. He noted this business environment is very attractive to the global investment community who view the UAE as a highly trusted, go-to investment destination.
Responding to a question on ADNOC’s strategy behind monetising assets, Dr Al Jaber noted that ADNOC’s strategy is very much focused on unlocking value and driving growth through smart, creative partnerships. He stressed ADNOC “will continue to leave no stone unturned to maximize value from across our portfolio.”
Additionally, he emphasised that while no one is in a position to predict what the shape of economic recovery will look like over the next few months given that there are multiple variables at play, the long-term structural market for oil and gas is very robust, with demand expected to increase to 109 mmbbl per day over the next 25 years, in line with global economic growth.
