Media ININ Economy We Trust
London 09-10-2019
Sultan bin Ahmed Al Jaber, Minister of State and CEO of Abu Dhabi National Oil Company (ADNOC) and its group of companies, confirmed the company’s commitment to its role as a reliable supplier that contributes to meet the growing global demand for energy by creating new opportunities for cooperation, partnerships, joint investments, environmentally responsible production and the implementation of an integrated strategy. For intelligent growth.
This came during the fortieth annual session of the “Oil and Finance” conference in London, organized by “Energy Intelligence” and delivered a keynote speech in which he reviewed the new economic trends affecting global energy demand, and the efforts and initiatives of ADNOC to keep pace with the rapidly changing global energy landscape.
Sultan Al Jaber said: “Energy demand is witnessing some slowdown in the short term due to the current deflationary indicators in the global economy, but the outlook for demand growth remains strong and positive in the medium and long term as studies show that the global demand for energy will witness an increase of three times the amount of “Energy currently consumed by the continent of Europe … In the current economic situation, it is increasingly important to focus on reducing costs, enhancing efficiency of capital use and long-term, well-considered investments.”
He added: “With the guidance and support of good leadership, ADNOC is focused on achieving a quantum leap to ensure sustainable growth and strengthen its position in the energy sector, through the implementation of an integrated strategy for smart growth focused on reducing costs, increasing production capacity to ensure keeping pace with the growth of demand in the long term, and strive for sufficiency. Natural gas and the shift from importer to exporter through the implementation of projects that include gas cover investment and development of undeveloped gas reservoirs and investment of non-conventional resources.
He said: “The paradigm shift that ADNOC is implementing covers all areas and aspects of the sector where huge investments are being made to build one of the largest refining and petrochemical complexes in the world in the UAE as well as provide the necessary infrastructure to build an integrated complex for derivatives and manufacturing while taking advantage of the strategic geographic location of the country. It is a gateway to one of the most promising growth markets. ”
He explained that ADNOC is seeking to take advantage of the independent credit rating / AA + / obtained by the agency “Fitch” to attract more long-term investments, stressing that ADNOC is focused on achieving additional value from its work in various areas and stages of the oil and gas sector.
He stressed that ADNOC focuses on smart and proactive management of capital and asset portfolio, and that the company has concluded during the past year a series of strategic partnership agreements in all areas and phases of the oil and gas sector, which included the completion of an agreement to invest in infrastructure for the transmission and distribution of oil pipelines with Black Rock. KKR, Abu Dhabi Retirement Pensions and Benefits Fund and the Singapore Government-owned Sovereign Wealth Fund to invest $ 5 billion in these assets, create the world’s largest nitrogen fertilizer export platform through a joint venture with OCI, and acquire 10%’s share, “a Proxy ATI” the world leader in the field of operation of storage of petroleum products terminals, and the conclusion of a strategic partnership with “ene” and “OMV” in the field of refining and establishing a global platform for trading products.
He added that ADNOC is continuing its approach to expand the scope of quality partnerships and investment opportunities and attract more investors who share our goals and who are able to contribute to the achievement of added value.
Concerning ADNOC’s strong performance in the field of environmental conservation, HE stressed that responsible production represents one of the most important values and pillars of the company’s business, explaining that ADNOC is a global leader in terms of low levels of both methane and carbon emissions resulting from its operations and greenhouse. ADNOC plans to double the program six times to capture 4.3 million tonnes of carbon dioxide annually by 2030.
Dr. Sultan Al Jaber underlined ADNOC’s commitment to implementing the leadership and investment directives in the UAE national cadres and attracting skilled workers to work in the oil and gas sector and support them through training and development programs and promoting innovation.
“ADNOC recognizes that increased reliance on innovation and new technology is attracting young talent, so we focus on leveraging the latest AI applications and big data in various business areas to improve performance and enable timely decision making. Through these efforts, we seek to inform the younger generations of the promising future potential of the oil and gas sector. ”
He stressed that the main task of the oil and gas sector is the same today as it was 150 years ago when drilling the first oil well in the world, to provide the necessary energy supplies to support economic growth in the world.
At the end of his speech, Sultan Al Jaber underlined ADNOC’s commitment to its role as a responsible and reliable global supplier that contributes to meeting future energy demand. “By focusing on cost reduction, performance enhancement, capital efficiency and value creation opportunities, our efforts continue to establish ADNOC as a corporate model. National Oil focused on foreseeing the future and will continue to be a reliable energy supplier with a collaborative approach, partnership, innovation and flexibility to keep up with the various variables. ”
The Oil and Finance Conference is an important event in the global energy sector and brings together policy makers, senior executives and experts to hold discussions on key trends in the global energy sector.
