Abu Dhabi, UAETuesday 27 October 2020

Sheikh Mohamed bin Zayed visits Adnoc facility in Ruwais

Abu Dhabi Crown Prince says he is proud of the 'exceptional effort' made by Adnoc to continue producing oil

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, visited an Adnoc facility in Ruwais on Thursday.

Sheikh Mohamed praised the Abu Dhabi National Oil Company for supporting the country's economy throughout the coronavirus pandemic.

"I’m proud of the exceptional effort to ensure uninterrupted supply of oil and gas to support our national economy," he said on Twitter.

"The UAE continues to develop its energy sector and advance industries to drive sustainable growth."

This week, Adnoc hosted a virtual summit that brought together chief executives of global oil and gas companies, who expressed optimism over the recovery of the energy industry, as economies open up and energy prices rebound.

The chief executives of BP, Total, Aramco, CNPC, Eni were among the top energy leaders who convened virtually at the fifth Abu Dhabi CEO Roundtable on Tuesday, hosted by Adnoc group chief executive and UAE minister of state, Dr Sultan Al Jaber.

The global energy industry has been battered by the coronavirus pandemic, registering historic lows in terms of prices as well as demand, forcing systemic changes in the way Big Oil runs business.

Dr Al Jaber said open dialogue among top industry leaders can lead to a sustainable economic recovery.

“As we respond to the challenges of Covid-19, each one of us has had to guide our respective organisations through difficult times," he said.

"The round-table offered an excellent platform to share valuable lessons on how to ensure the safety of our people, the resilience of our business, and the long-term growth of our industry,” Dr Al Jaber added.

The UAE accounts for 4 per cent of global crude production. Much of it from fields owned and operated by Adnoc. The country aims to double refining and triple chemical capacity by 2025.

Adnoc previously announced plans to invest Dh165 billion with partners to develop the world's largest integrated refining and chemicals complex in Ruwais, capable of refining 600,000 barrels per day.

Updated: June 18, 2020 05:58 PM

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