Chaired the meeting of the Board of Directors of "ADNOC"
Mohamed bin Zayed: The UAE is a major contributor to ensuring global energy security and the sustainability of its supplies
Mohamed bin Zayed presiding over the annual meeting of the ADNOC Board of Directors.
Wham
picture
His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, affirmed that «the UAE continues to strengthen its position and its leading role, as a major contributor to ensuring global energy security and the sustainability of its supplies, and as a main supporter of realistic and responsible transition efforts in the energy sector, by keeping pace with the future. And take advantage of the important opportunities offered by this transformation.
This came during His Highness's chairmanship of the annual meeting of the Board of Directors of the Abu Dhabi National Oil Company (ADNOC), yesterday, at the company's headquarters in his capacity as Chairman of the Council.
The meeting was attended by His Highness Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, member of the Executive Council of the Emirate of Abu Dhabi and head of the Abu Dhabi Executive Office, the Minister of Energy and Infrastructure, Suhail bin Muhammad Al Mazrouei, and the Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, Dr. Sultan bin Ahmed Al Jaber. Dr. Ahmed Mubarak Al Mazrouei, Minister of State, Ahmed bin Ali Al Sayegh, Member of the Executive Council and Head of the Office of the Chairman of the Executive Council of the Emirate of Abu Dhabi, Khaldoon Khalifa Al Mubarak, Managing Director and CEO of Mubadala Investment Company, and Jassim Muhammad Buataba Al Zaabi, Member of the Executive Council and Head of the Abu Dhabi Department of Finance Awaidha Murshed Al Marar, member of the Executive Council and Chairman of the Abu Dhabi Department of Energy.
The Council directed ADNOC to strive to achieve climate neutrality by 2050, to support the country's strategic initiative to achieve climate neutrality by 2050, and the Council also approved ADNOC's strategy to accelerate growth in all areas and stages of its business, to meet the growing global demand for energy responsibly. Support for global energy security.
As part of this strategy, ADNOC is establishing a new sector for low-carbon solutions and international growth in ADNOC, which focuses on developing the company's business in new energies, gas, liquefied natural gas and chemical manufacturing.
His Highness Sheikh Mohammed bin Zayed Al Nahyan stressed the importance of the steps taken by ADNOC to reduce carbon emissions, in conjunction with its endeavor to develop and expand its operations to meet the growing global demand for energy, noting that ADNOC is adopting a comprehensive approach to sustainability, which embodies the UAE's commitment to consolidate its position as a responsible global energy provider, and its efforts to enable building a more sustainable future.
His Highness referred to the important role of ADNOC as a major catalyst for economic growth and diversification, contributing to enhancing and increasing value for the state, and creating more new economic and industrial opportunities for the private sector.
His Highness stressed the importance of continuing the same approach, improving performance, raising efficiency, enhancing flexibility and developing human resources. He also praised ADNOC's efforts to support the national industry and the local product, through the national added value program and the "Make in the UAE" initiative.
The Council reviewed the contribution of the ADNOC program to enhancing the local added value this year, in redirecting more than 35 billion dirhams (9.54 billion US dollars) to the local economy, and creating 2,000 additional job opportunities for citizens in the private sector.
With these achievements, the total value of the sums that have been redirected to the local economy since the launch of the program in 2018 has risen to 140 billion dirhams ($38 billion).
The number of UAE nationals who have been employed within the supply chain of the company's operations has also increased to 5,000 since the start of the programme.
And within the “Make in the UAE” initiative, ADNOC signed agreements this year according to its procurement plan, aiming to create local manufacturing opportunities, worth more than 25 billion dirhams ($6.8 billion) with Emirati and international companies, in its endeavor to achieve its goal of manufacturing More than 100 local products, worth 70 billion dirhams ($19 billion) by 2030.
During the meeting, the board also approved ADNOC's plans to accelerate the implementation of the goal of raising its production capacity of crude oil to 5 million barrels per day by 2027, instead of the previously announced year 2030, in line with the company's strategy to accelerate growth, and ADNOC produces one. It is one of the lowest types of crude oil, in terms of emissions intensity in the world, and this new target will enhance the flexibility and ability of the company to meet the growing global demand for energy.
ADNOC's plans to accelerate the implementation of the goal of increasing its production capacity of crude oil are based on the UAE's rich reserves of hydrocarbon resources, which increased this year by two billion barrels of oil and one trillion standard cubic feet of gas.
With this increase, the UAE's national reserves of hydrocarbon resources reach 113 billion barrels of oil and 290 trillion standard cubic feet of natural gas, which reinforces its position in the sixth position globally among the countries with the highest oil reserves, and the seventh among the list of countries with the largest oil reserves. Natural gas reserves, which contributes to the consolidation of its position as a reliable global energy resource.
Within the framework of the updated strategy, ADNOC announced the establishment of ADNOC Gas, a new world-class gas processing and marketing company, which will start operations as of January 1, 2023. The company will be responsible for operations, maintenance and marketing of ADNOC Gas Processing and Marketing. ADNOC LNG, through one integrated company.
The Board directed ADNOC to carry out an initial public offering of a minority stake in the new company during 2023, subject to obtaining the approvals of the relevant regulatory authorities.
The board also approved ADNOC's action plan to increase its capital investments to 550 billion dirhams ($150 billion) for the next five years (2023-2027), which will enable the company to move forward with implementing its rapid growth strategy.
Through this plan, ADNOC aims to redirect 175 billion dirhams ($48 billion) to the local economy, through its program to enhance local added value.
■ The Board approved ADNOC's action plan to increase its capital investments to 550 billion dirhams for the next five years.
■ The UAE's reserves of hydrocarbon resources amount to 113 billion barrels of oil and 290 trillion standard cubic feet of gas.
Lay solid foundations
Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, said, “We highly appreciate the vision of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, and his directives and support for (ADNOC),” indicating that thanks to this support The company has succeeded in laying solid foundations that will enable it to move forward in the next stage of growth and development, and to continue implementing its strategy to accelerate the growth of its business along the value chain of the energy sector.
He added, "Through the company's plan to achieve climate neutrality by 2050, we are working to consolidate sustainability at the core of the company's strategy, to accelerate growth in various fields and stages of the sector, based on the legacy of the late founding father, Sheikh Zayed bin Sultan Al Nahyan, may God bless his soul." , who laid the foundations for sustainability and environmental protection in the UAE, who charted the path towards a sustainable future, and preceded the world in taking the first steps to stop gas flaring, which paved the way for (ADNOC) to consolidate its position among the oil and gas producers with the least emissions intensity in the world ». .
He said, "The world needs more energy with less emissions, and all available solutions to secure energy needs to ensure its security and sustainability of supplies," stressing "ADNOC's commitment to work to reduce emissions in current energy sources, and to invest in future clean energy sources, to strengthen its position The UAE is a reliable and responsible energy provider.
■ Increasing ADNOC's production capacity of crude oil to 5 million barrels per day, by 2027 instead of 2030.
5000
The number of nationals who have been employed within the supply chain of the company's operations, since the inception of the "ADNOC" value-added program.
140
One billion dirhams is the total value of the amounts that have been redirected to the local economy, since the launch of the ADNOC Value Added Program.
Follow our latest local and sports news and the latest political and economic developments via Google news