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ADNOC continuing to invest to deliver 2030 smart growth strategy

09 April 2020

The Abu Dhabi National Oil Company (ADNOC) has announced that it will continue with its investment plans in order to deliver on its 2030 smart growth strategy during “this complex and challenging period.”

His Excellency Dr. Sultan Ahmed Al Jaber - Image: ADNOC
His Excellency Dr. Sultan Ahmed Al Jaber - Image: ADNOC

The state-owned oil company of the United Arab Emirates said that it will remain focused on its core principles of efficiency, profitability, performance and people, reinforce its In-Country Value (ICV) programme to stimulate economic growth, generate more commercial opportunities for the private sector, and create skilled jobs for UAE nationals. 

In a statement, His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO said: “As we navigate this challenging period, nothing is more important than the health and safety of our people, as well as the integrity of our assets. Today, as the result of our transformation over the past four years, ADNOC is far stronger, more resilient and better positioned to respond to current market dynamics, including reduced demand and low oil prices. Our strong balance sheet and our globally competitive cost per barrel, which we are constantly optimising, ensures we can continue to enable sustainable development for the national economy. 

“Building on this solid foundation, we will continue to invest responsibly and smartly through the downturn with a firm focus on people, performance, profitability, and efficiency, which have always been part of our DNA. In parallel, we will double down on in-country value creation, as well as identify win-win solutions with partners, contractors and suppliers.”

ADNOC’s ICV programme has so far driven more than $12 billion back into the UAE economy and created over 1,500 private-sector jobs for UAE nationals since it was launched in 2018. 

ADNOC said it will continue to deliver on its 2030 smart growth strategy, including its value maximisation initiatives, as it drives profitability and sustainable returns for the UAE. ADNOC added that its strategic objective is to be among the lowest-cost producers and lowest-carbon emitters as part of its 2030 strategy. 

The company added that it remains committed to its targets in production capacity growth in order to ensure a stable and reliable supply of energy products to its global customers.

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