UAE president chairs ADNOC meeting, board accelerates oil production capacity expansion to 2027

(WO) — UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, on Monday presided over the annual meeting of the Abu Dhabi National Oil Company (ADNOC) Board of Directors, in his capacity as its chairman.

During the meeting, which was held at ADNOC headquarters, the board directed ADNOC to pursue a net-zero by 2050 ambition to support the UAE net zero by 2050 strategic initiative. The board also approved ADNOC’s strategy to accelerate growth across its value chain to responsibly meet rising energy demand and support global energy security. As part of the strategy, ADNOC will establish a new low carbon solutions and international growth vertical focused on new energies, gas, LNG and chemicals.

His Highness Sheikh Mohamed bin Zayed praised ADNOC’s steps to further reduce its carbon footprint as it expands its operations to meet rising global energy demand. His Highness noted ADNOC’s comprehensive approach to sustainability is testament to the UAE’s commitment to remaining a responsible global energy provider and to enabling a more sustainable future.

H.H. Sheikh Mohamed bin Zayed underlined ADNOC’s important role as a primary catalyst for the UAE’s growth and diversification and commended the company for maximizing value for the nation and creating new economic and industrial opportunities for the private sector. His Highness praised ADNOC’s efforts to drive industrial growth through its In-Country Value (ICV) program and its support for the ‘Make it in the Emirates’ initiative.

This year, ADNOC’s ICV program has driven over AED35 billion ($9.54 billion) back into the nation’s economy and enabled 2,000 UAE Nationals to be employed in ADNOC’s supply chain. These achievements bring the total value driven back into the economy to AED140 billion ($38 billion) since the program was launched in 2018. In addition, a total of 5,000 UAE Nationals have been employed in ADNOC’s supply chain through the program since it was launched.

ADNOC is also supporting the ‘Make it in the Emirates’ initiative and has signed agreements for local manufacturing opportunities worth over AED25 billion ($6.8 billion) with UAE and international companies this year, as it delivers on its target to locally manufacture over 100 products in its procurement pipeline worth AED70 billion ($19 billion) by 2030.

His Highness lauded ADNOC’s emphasis on performance and efficiency and its efforts to develop and empower its workforce. His Highness commended ADNOC’s achievements in enhancing the productivity of employees and increasing the rate of UAE National employment by 15 percentage points over the past five years. His Highness expressed his appreciation for the hard work of ADNOC’s employees and stressed that people are the nation’s greatest assest and the UAE Leadership will continue to prioritize human capital development. His Highness also underscored the importance of continuing to improve performance, efficiency and agility and directed ADNOC to strengthen its efforts in this regard.

H.H. Sheikh Mohamed bin Zayed met with a group of ADNOC youth employees and was briefed on the company’s transformation journey. ADNOC’s transformation is enabled by its Accelerate 100X program aimed at capitalizing on the evolving energy landscape, future-proofing the company during the energy transition and maximizing value for the UAE.

Source: Worldoil

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