Abu Dhabi: Abu Dhabi National Oil Company (Adnoc) said on Tuesday it is exploring new strategic, value-add partnerships to support its long-term growth plans.
“We are keen to collaborate with active, value-add, strategic partners who can complement our existing experience with technology, market access and capital,” the company’s chief executive, Sultan Al Jaber, said while addressing CERAWeek energy conference in Houston, Texas.
“We seek those who are willing to invest, commit to long-term partnerships and share the risks and benefits, not just across our upstream business, but across the entire value chain, including our marine and services portfolio,” he stated.
Adnoc has recently signed onshore concession agreements, with BP, China National Petroleum Company and CEFC, a Chinese energy investment firm as it seeks to establish new partnerships to grow its business.
“We have set in motion a transformation that will ensure Adnoc is resilient and remains an important contributor to the economy of the UAE, has a lasting impact on the development of the country and is fit for the future,” he said in a statement.
Over the course of the last year, Adnoc has consolidated its offshore operating companies, Adma-Opco and Zadco, and integrated its marine and services businesses, Esnaad, Irshad and Adnatco.
Al Jaber also said economic growth will drive energy demand up 30 per cent by 2040. “Most of that growth will come from non-OECD countries and will require an estimated $25 trillion (Dh91.83 trillion) in new investment,” Al Jaber said. “That is a level of funding no company can deliver on its own. It’s only possible through new and productive partnerships, within the industry, as well as between the public and private sector.”
Adnoc is also focusing on tripling its petrochemical production capacity due to increase in demand as part of its 2030 strategy.