He stressed that the company is continuing to work to find more investment opportunities
Al-Jaber: ADNOC has succeeded in maintaining its competitiveness and dealing with the current changes
Al-Jaber discussed the developments in the energy sector during a virtual dialogue session with the global economist Daniel Jürgen. From the source
ADNOC was able to implement an integrated and comprehensive qualitative leap that greatly contributed to improving performance. Archives
The Minister of Industry and Advanced Technology, CEO of "ADNOC" and its Group of Companies, Dr. Sultan Ahmed Al-Jaber, confirmed that ADNOC has succeeded in maintaining its competitiveness and flexibility and dealing with the challenges and changes of the current stage, indicating that the company continues the march of smart and sustainable growth, and continued work to create More feasible investment opportunities.
Al-Jaber said, during a virtual dialogue session within the activities of the «Seera» Energy Week, that the strategy of «ADNOC» keeps pace with the mission of the Ministry of Industry and Advanced Technology, which was created recently, to expand and develop the industrial sector, take advantage of the technology of the Fourth Industrial Age, and enhance the local added value in the UAE.
Energy sector developments
In detail, the Minister of Industry and Advanced Technology, CEO of ADNOC and its Group of Companies, Dr. Sultan Ahmed Al Jaber, reviewed the developments of the global energy sector during a virtual dialogue session with the prominent global economist, Vice President of IHS Markit and the winner of the Blitzer Prize, Daniel Jürgen.
The dialogue came within the activities of the "Sierra" Energy Week, which also hosted the President and CEO of Saudi Aramco, Amin Al-Nasser, the CEO of Royal Dutch Shell, Ben Van Burden, and the President and CEO of "Chevron", Michael Wirth.
Competitive and flexible
Al-Jaber explained during the dialogue that ADNOC, thanks to the directives of the wise leadership, has succeeded in maintaining its competitiveness and flexibility and in dealing with the challenges and variables of the current stage, stressing that the company is reaping the fruits of the qualitative shift it has implemented over the last four years, saying: “It has confirmed the exceptional circumstances that The world is currently going through a long-term vision, proactive thinking and a sound future vision for wise leadership, as ADNOC was able, thanks to the guidance and support of the leadership, to implement an integrated and comprehensive qualitative leap that contributed significantly to improving performance, enhancing flexibility, competitiveness and raising operational efficiency in all operations and stages of the sector. oil and gas".
He added, "During the paradigm shift, we focused mainly on factors that we can control, such as reducing costs, which is an ongoing trend in ADNOC, and thanks to this, we have succeeded in maintaining our flexibility under the current circumstances, while continuing to make progress within our strategic priorities."
Al-Jaber highlighted the success that ADNOC has achieved in limiting the risks of the spread of "Covid-19" and ensuring the continuity and sustainability of its business, through its firm corporate culture in the field of health, safety and the environment, stressing that the health and safety of human cadres remains at the top of the company's priorities. Especially since this approach is in line with the distinctive national efforts, procedures and precautionary measures set by the wise leadership to ensure the health and safety of society in the UAE.
Al-Jaber stated that the UAE has continued to attract world-class investments, despite the effects of the new Corona virus on the global economy, thanks to the reliable and stable business environment, and the investment opportunities provided by the country, citing as an example ADNOC’s announcement of a deal to invest in infrastructure. At a value of 76 billion dirhams (20.7 billion dollars) last June, as well as the new joint venture of ADNOC with the Chinese "Wanhua" group to transport liquefied petroleum gas to markets that enjoy high growth rates.
He stressed the continuation of work to find more viable and attractive investment opportunities for foreign investment, and ADNOC's readiness to conclude partnerships and joint investments that achieve mutual economic benefits. He also stressed that ADNOC continues the path of smart and sustainable growth.
In answering a question about his new role as Minister of Industry and Advanced Technology, Al-Jaber reviewed the vision of the wise leadership of this new ministry, explaining that it aims to contribute to achieving strategic national goals by promoting industrial development, stimulating economic growth and diversification in the country, and enhancing local added value.
He said: “The new ministry will focus on supporting industries of strategic importance to the national economy, expanding the industrial base and enhancing the local added value,” noting that the ministry places on top of its priorities the utilization of advanced technology as a major enabler for growth and development, especially as we enter the fourth industrial era and increase The interdependence of the industrial sector with modern technologies, such as machine learning, IoT, automation and digitization.
He added, "We extend an open invitation to investors and stakeholders wishing to partner with the UAE."
Al-Jaber pointed out that the ministry’s strategic objectives coincide in some aspects with the strategy that ADNOC has focused on implementing over the past four years, indicating that “ADNOC,” according to its smart growth strategy approved by the Supreme Petroleum Council, will have the role of a catalyst in supporting the expansion of The industrial base in the country, taking advantage of the technology of the Fourth Industrial Age and enhancing local added value.
He said: “We have worked at ADNOC to contribute to promoting industrial growth in the country by focusing on the refining and petrochemical sector, and to contribute to the development of the local industrial sector by giving priority to creating and enhancing local added value in all our contracts and projects, in addition to applying advanced technology and transformation. Digital in various aspects of our business ».
The Minister of Industry and Advanced Technology and CEO of "ADNOC" and its group of companies, Dr. Sultan Ahmed Al-Jaber, indicated that there are indications to start recovering the health of oil markets, as the wheel of the economy begins to turn again in Asia, Europe and the United States, as well as the role played by OPEC in strengthening Market confidence.
He stressed the need for oil companies to continue to follow market developments and be flexible, as the sector continues to adapt to the macroeconomic changes in the current stage.
ADNOC’s strategy goes hand in hand with the mission of the Ministry of Industry and Advanced Technology to expand and develop the industrial sector.