Abu Dhabi National Oil Company (Adnoc) is open to further partnerships and co-investments to diversify operations in line with its 2030 growth strategy, following a landmark deal with US oil services firm Baker Hughes last month.
“As in the past, we are actively seeking long-term, value-adding partners to invest and grow alongside us,” said Sultan Ahmed al Jaber, UAE Minister of State and group chief executive of Adnoc, in a statement on Saturday.
“Over the last two years, we have developed a substantial pipeline of attractive and innovative partnership and co-investment opportunities, covering both equity and debt, and including opportunities in our infrastructure portfolio, service and support businesses, and key operating business.”
Adnoc has begun opening up its concessions to partners in the UAE and beyond. Last month, it signed a deal with Baker Hughes under which the subsidiary of US-based GE will pay $550 million (Dh2.02 billion) for a 5 per cent stake in Adnoc’s drilling subsidiary.
It was the first time Adnoc sold a direct interest in one of its services units to an international company, and is intended to help capitalise on GE’s expertise and expand into other markets in the Middle East.
Sultan Al Jaber was speaking after Adnoc’s inaugural investor forum last week, at which it hosted 200 members of the global investment and financial community in Abu Dhabi and outlined Adnoc’s 2030 growth strategy and plans to create new lines of business.
The forum aimed to provide prospective investors with a “deeper understanding of Adnoc’s ambitious vision and 2030 strategy to grow its presence across the energy value chain and secure greater market access for its products, as well as the integral role that partnerships will play in this journey,” Sultan Al Jaber said.
The UAE, which accounts for 4.2 per cent of global oil production – much of it from Adnoc-owned and operated fields in Abu Dhabi – has increasingly made a shift to grow its refining and petrochemicals assets to meet rising demand from Asia.
It plans to invest up to $45 billion by 2030 with its partners, including doubling the refining capabilities and tripling petrochemicals capacities at its oil hub at Ruwais, and growing its gas and downstream activities.