The Abu Dhabi National Oil Company (ADNOC) has announced to use capital to fund an ambitious growth plans and accelerate delivery on the goals of its 2030 strategy, according to Dr Sultan Ahmed Al Jaber, the UAE minister of state and ADNOC Group CEO
He said that ADNOC is seeking to work more closely with the financial markets as it delivers its 2030 smart growth strategy, in response to a fast evolving economic and energy landscape.
According to him, ADNOC’s engagement with the financial markets is an example of the new strategic partnership model the company is implementing. While ADNOC continues to appreciate all its partners, from East to West, he said, ADNOC’s new approach is centred on strategic relationships that deliver growth opportunities, market access, smart capital and strategic value add.
He further cited ADNOC’s issuance of a US$3bn bond, backed by the Abu Dhabi Crude Oil Pipeline, and the partial listing of ADNOC Distribution, as examples of how ADNOC is taking a new approach to managing its assets and capital.
Confirming plans for significant downstream investments, over the next five years, Dr Al Jaber said that ADNOC is committed to becoming a leading global downstream player, through an ambitious domestic and international investment strategy, aimed at capitalising on growth markets. He further added that the company plans to build on the strong foundation it has created in Ruwais to develop the world’s largest integrated refining and chemical site, tripling petrochemicals production capacity to 14.4mn tonnes by 2025.
Inviting the financial community to join ADNOC on its journey and support its efforts in driving efficiency, enhancing performance and embedding a commercial mindset across its business, Dr Al Jaber stressed that ADNOC’s downstream expansion would introduce new business and investment opportunities to a new category of investors, with a diverse range of growth, risk profiles, returns and yield.
