The Abu Dhabi National Oil Company (ADNOC) has confirmed that it has the strength and flexibility, and has a position to deal with changes and developments in the markets, including declining demand and low oil prices.
In a statement yesterday, ADNOC stressed its continued commitment to work to enhance value and responsible investment, to ensure the achievement of its strategy for smart growth 2030, especially in the exceptional period the world is currently experiencing.
"ADNOC" pointed out that it continues to progress, based on its fundamental pillars that include human cadres, performance improvement, raising efficiency, increasing profitability, and economic return.
The Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company "ADNOC" and its group of companies, Dr. Sultan bin Ahmed Al Jaber, said that it was "in line with the vision and direction of leadership, and based on our firm commitment to our employees, the health and safety of our human cadres, and the safety of our assets and the continuity of our business, are at the head Our priorities during these exceptional circumstances ».
He added: “Thanks to the guidance and support of the leadership, through the concerted efforts of the work teams in implementing the paradigm shift over the past four years, ADNOC currently has more strengths and flexibility, and enjoys a position that enables it to deal with the changes and developments of the markets, including declining demand and low Oil prices, and among the most important of these factors are our distinguished human cadres, our strong financial performance, the application of the best standards of governance, and the competitive cost of our production, and there is no doubt that the low cost of our oil production, which we are constantly improving, helps us in sustaining our contribution to support economic growth in the UAE ».
Al-Jaber continued: “On the basis of these strong foundations, we will continue smart investment, in a responsible manner, and a comprehensive awareness of all data and developments, during this period, relying on our main pillars of human cadres, improving performance, raising efficiency, increasing profitability and economic return, and we are continuing In redoubling efforts, to expand and develop the (ADNOC) program, to enhance local added value, and to strengthen cooperation with partners, contractors and suppliers, to find feasible and beneficial solutions for all parties, which will reflect positively on the national economy ».