Approval of ADNOC’s plan to increase its capital investment to 448 billion dirhams for the next five years

Emirates News Agency reported that the Supreme Petroleum Council approved ADNOC’s business plan to increase its capital investments to 448 billion dirhams for the next five years, which will enable the company to achieve smart growth.

Through this plan, ADNOC intends to redirect 160 billion dirhams ($ 43.6 billion) to The local economy during the period between 2021-2025 through its program to enhance the local added value, which aims to cooperate with private sector companies and international companies, provide more opportunities for the local private sector, contribute to economic and social development and create job opportunities for UAE citizens.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, CEO of ADNOC and its Group of Companies said, “ADNOC continues to work on developing large-scale investment projects in Ruwais to achieve the maximum possible value from every barrel of oil we produce … in line with the leadership’s directives and with our strategy to expand Our operations in the field of refining and petrochemicals, at the forefront of which are plans to develop Ruwais and turn it into a vital global center for industrial growth and economic diversification in the UAE, and to enhance our capabilities in marketing, supply and trading in order to achieve greater value from our products.

ADNOC currently produces hydrogen fuel to meet the needs of its gas, refining and petrochemical operations. The company will explore and pursue potential opportunities for rising global demand for hydrogen fuels and ammonia extracted from natural gas.

ADNOC has a unique opportunity that qualifies it to achieve leadership in developing global value chains and building a modern and integrated system for hydrogen fuel production in the UAE, in partnership with the relevant departments and institutions in the Abu Dhabi government, by taking advantage of its leading position as a major producer of natural gas and its enjoyment of modern and integrated infrastructure facilities and partnerships. A broad strategy with rich natural gas reserves.

The Supreme Petroleum Council also approved, during its recent meeting, ADNOC’s award of new areas for exploration, development and production of oil and gas within the second round of competitive bidding launched by Abu Dhabi in 2019 as part of its strategy to issue licenses for new areas.

The Board reviewed the joint venture recently announced between ADNOC and “Holding” – ADQ under the name “Enhancement” – which was established by the two parties with the aim of developing and supervising the establishment of industrial projects within the “Ruwais Petrochemical Derivatives Complex”.

His Highness Sheikh Mohammed bin Zayed Al Nahyan affirmed the importance of ADNOC’s success in maintaining its competitiveness, flexibility, continuity and sustainability of its business without interruption or interruption in its basic operations and continuing to achieve its operational and financial goals in light of the exceptional circumstances that the markets are currently going through and the spread of the Covid-19 pandemic.