His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office, has chaired a meeting of the Executive Committee of the Abu Dhabi National Oil Company (ADNOC) Board of Directors.
During the meeting, held at ADNOC Headquarters, His Highness reviewed ADNOC's plans to support the UAE’s 2050 Net-Zero Emissions Target, and endorsed the company’s plans for new energy opportunities.
His Highness and the Executive Committee also discussed ADNOC’s strategy to accelerate the United Arab Emirate’s (UAE) industrial growth and its leadership in the emerging low-carbon fuel value chains.
His Highness and the Executive Committee were briefed on the progress of ADNOC’s In-Country Value (ICV) programme, as it continues to expand and support the UAE’s economic growth. ADNOC has awarded over AED40 billion worth of procurement contracts to date in 2021 across its business, with an In-Country Value (ICV) of 64%.
His Highness and the Executive Committee reviewed the company’s performance and business plan, as well as ADNOC’s recent milestones including the initial public offering (IPO) of ADNOC Drilling and the intention to float (ITF) of Fertiglobe.
During the meeting, His Highness 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.
Over the course of the year, the Executive Committee meets to review ADNOC’s progress against its strategic and financial targets as well as its operational performance. As part of ADNOC’s 2030 strategy, the company 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 downstream expansion is helping to drive the UAE’s industrial growth and attract domestic and international partners to accelerate the development of Abu Dhabi’s petrochemicals and derivatives industry, through TA’ZIZ, ADNOC’s joint venture with ADQ. ADNOC is also developing its blue hydrogen and ammonia business as it grows its manufacturing base in Ruwais.
Other members who attended the meeting included H.E. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC; H.E. Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure; H.E. Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala Investment Company; H.E. Jassem Al Zaabi, Chairman of the Abu Dhabi Department of Finance; and H.E. Ahmed Ali Al Sayegh Minister of State.
