The UAE is allocating $150 billion to expand the oil and gas sector

HipHop24  - HipHop24
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Abu Dhabi National Oil “ADNOC” (government) announced, on Monday, its updated strategy, which includes increasing the company’s capital investments to 550 billion dirhams ($150 billion) for the next five years (2023-2027).

The company said in a statement that it will merge its business in the fields of gas processing and liquefied natural gas and establish the “ADNOC Gas” company, then implement an initial public offering of a minority stake in the new company on the Abu Dhabi Financial Market next year.

According to the statement, ADNOC aims, through the plan, to redirect 175 billion dirhams ($48 billion) to the local economy through its program to enhance in-country value.

It pointed to accelerating the goal of increasing production capacity to 5 million barrels of oil per day by 2027, instead of the previously announced 2030.

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The company revealed that the UAE’s reserves have increased to 113 billion barrels of oil and 290 trillion standard cubic feet of gas.

The statement indicated that the ADNOC program to enhance the added-in-country value contributes to redirecting 35 billion dirhams ($9.5 billion) to the local economy.

During this year, ADNOC signed agreements aimed at creating local manufacturing opportunities for more than 100 products, amounting to 70 billion dirhams ($19 billion) by 2030.

The Abu Dhabi National Oil Company “ADNOC”, one of the largest oil and gas companies in the world, is wholly owned by the government of the Emirate of Abu Dhabi, and includes more than 16 specialized subsidiaries and joint ventures.

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Posted by HipHop24 HipHop24
News journalist about music around the world, including pop, hip-hop and rap
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