ADNOC to invest $109bn to spur growth

ABU DHABI / WAM

The Supreme Petroleum Council (SPC) presided over by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and Vice-Chairman of the SPC, on Monday approved ADNOC’s key strategic investments programme and future opportunities, as the oil and gas company expands its 2030 strategy, aimed at unlocking, creating and maximising value and
ensuring smart growth in its upstream, and downstream businesses, while strengthening market access.
The SPC approved ADNOC’s plans for capital expenditure of over AED400 billion ($109 billion), over the next five years, as it embarks on its upstream and downstream expansion and growth projects.
The SPC also approved ADNOC’s plans to explore and appraise Abu Dhabi’s unconventional gas resources, as the company seeks to enable future value creation from its untapped gas resources. It gave the green light to ADNOC to pursue international downstream investments that will position ADNOC as a global player in the downstream
market. During the meeting, Sheikh Mohamed bin Zayed reaffirmed that ADNOC has the unwavering support of President His Highness Sheikh Khalifa bin Zayed Al Nahyan as it continues to drive the engines of the nation’s prosperity by creating long-term, sustainable value, from all of the nation’s hydrocarbon resources, to ensure it continues to be an integral pillar of the UAE’s economy for decades to come.
The SPC is the highest governing body of the oil and gas industry in Abu Dhabi.
The council formulates, approves and oversees the implementation of Abu Dhabi’s petroleum policy and follows up its implementation across all areas of the petroleum
industry to ensure that the set goals are accomplished.
Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, said, “His Highness Sheikh Mohamed bin Zayed and the SPC’s approval of our expanded strategic investment and growth plans signal a further, tangible, acceleration in ADNOC’s transformation,”
Delivery of ADNOC’s expanded 2030 strategy builds on three important changes it has made to the way it operates. It has expanded its approach to partnerships, to capitalise on growth opportunities, enhanced its capital structure, to more smartly finance its business, and revised the way it manages its portfolio of assets, to drive performance and unlock lasting value.
ADNOC recently confirmed plans to offer a minimum 10 percent stake, or 1.25 billion shares, and a maximum 20 percent stake, or 2.5 billion shares, in the partial IPO of ADNOC Distribution, its fuel distribution unit. An indicative price range of between AED2.35 and AED2.95 per share, has been set. At the top of the range, the IPO would
be the largest in the UAE since DP World was floated, 10 years ago.