The Abu Dhabi National Oil Company (Adnoc) recently announced the expansion of its strategic partnership model, as well as the more active management of its portfolio of assets.
Following the launch of a new initiative to expand its strategic partnership model, Dr. Sultan Ahmad Al Jaber, UAE Minister of State and Group CEO of Adnoc, met last week with both potential and existing partners in China and Japan. These discussions focused on the new partnership and co-investment opportunities created through Adnoc’s new approach, as well as the deepening of UAE bilateral relations with both countries.
“Chinese and Japanese companies have been among our most important and longest-standing partners and Asia represents tremendous growth opportunities for Adnoc. We are therefore seeking partners to co-invest across the different parts of our value chain and who will bring operational expertise and technology, as well as the ability to secure greater access to these fast-growing markets,” Al Jaber said.
In China, Dr. Al Jaber met with the Ministry of Foreign Affairs including Wang Yi, Foreign Minister of the People’s Republic of China and Mr. Deng Li, Director-General for the MENA Region. He also met with existing and new, potential partners to brief them about Adnoc’s new, expanded partnership approach.
In Japan, Dr. Al Jaber had a bilateral meeting with Shinzo Abe, Prime Minister of Japan, where he conveyed the greetings of the UAE leadership to Prime Minister Abe and discussed ways to deepen cooperation in the energy sector. In addition to Prime Minister Abe, Dr. Al Jaber also met with Fumio Kishida, Minister of Foreign Affairs, Hiroshige Seko, Minister of Economy, Trade and Industry.
The visit of Dr. Al Jaber to Japan coincided with the fifth Abu Dhabi-Japan Economic Council meeting in Tokyo, where a number of senior Abu Dhabi officials discussed potential areas of cooperation around key economic sectors, including oil and gas.
Adnoc’s new initiative builds on its flexible operating model and its 2030 growth strategy. The aim of the new initiative is to enable the company to unlock and maximise significant value from across the Group, ensure competitiveness, drive business and revenue growth, enhance performance, and secure greater access for its products in key growth markets.
In a statement released yesterday, the company said, “This new approach also comes at a time when global economic growth and energy demand is shifting East. These shifting trends sit alongside a rapid increase in Asian demand for products derived from hydrocarbons — namely petrochemicals, plastics and polymers — which is expected to more than double in the next 25 years. The region is also home to considerable investment, financing and banking expertise that Adnoc will seek to leverage as part of its new partnership model. Adnoc is therefore increasingly focused on building and developing long-term partnerships with both new and existing counter parties in China and Japan, as well as across the fast-growing Asia region.”
Adnoc has existing partnerships with a number of Chinese and Japanese companies across its upstream, midstream and downstream businesses.