Sheikh Khaled bin Mohamed reviews Adnoc's business plans in executive committee meeting

The meeting also discussed the state-owned company's recent milestones

Sheikh Khaled bin Mohamed bin Zayed, Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office, reviewed Abu Dhabi National Oil Company's performance and its business plan in an executive committee meeting.

The meeting discussed Adnoc’s recent milestones, including the initial public offering of the company's drilling unit and its intention to float fertiliser company Fertiglobe, the Abu Dhabi Media Office said on Wednesday.

Sheikh Khaled also "praised Adnoc’s performance and recent achievements and expressed confidence that the company is well positioned to continue to create long-term value in driving Abu Dhabi and the UAE’s economic ambitions over the next 50 years", said Abu Dhabi Media Office.

Adnoc's executive committee meets over the course of the year to review progress made by the oil company on its strategic and financial targets as well as its operational performance.

As part of its 2030 strategy, Adnoc is working to remain one of the lowest-cost producers and lowest carbon emitters in the oil and gas industry as it increases its crude oil production capacity, enables gas self-sufficiency for the UAE, expands its downstream business and strengthens its trading capabilities.

Adnoc's deals and partnerships have helped to draw more than $64.5 billion (Dh236.7bn) in foreign direct investment to the UAE in the last five years. The company's in-country value programme has awarded over Dh40bn worth of procurement contracts to date in 2021 across its business, with an ICV of 64 per cent, the media office said.

Sheikh Khaled also reviewed Adnoc's plans to support the UAE’s 2050 Net-Zero Emissions Target and endorsed the company’s plans for new energy opportunities.

He also discussed the state-owned oil company's strategy to accelerate the UAE industrial growth and its leadership in the emerging low-carbon fuel value chains.

Other members who attended the meeting included Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group Chief Executive of Adnoc; Suhail Al Mazrouei, Minister of Energy and Infrastructure; Ahmed Al Sayegh, Minister of State; Khaldoon Al Mubarak, Managing Director and Group Chief Executive of Mubadala Investment Company and Jassem Al Zaabi, Chairman of the Abu Dhabi Department of Finance.

Updated: October 20th 2021, 5:38 PM