Abu Dhabi, UAETuesday 23 July 2019

Adnoc to spend Dh18bn on in-country value programme

The expenditure on local goods and services is expected to create more value generation for the UAE economy

Only a year ago during the same conference, Adnoc announced the formation of its own trading unit to further maximise value from its production. Adnoc is now hiring traders. EPA
Only a year ago during the same conference, Adnoc announced the formation of its own trading unit to further maximise value from its production. Adnoc is now hiring traders. EPA

State-owned Abu Dhabi National Oil Company (Adnoc) announced expenditure of Dh18 billion for its in-country value programme by it which it ensures that local suppliers and companies are engaged across its value chain to boost the local economy.

The amount is a "significant year-on-year increase" for the programme, which was first announced in January of this year, the company said.

Adnoc and contractors associated with the firm are expected to significantly increase spending on local goods and services over the coming years as projects enter implementation phase, the company said.

"Our ICV programme is already making an important contribution by creating business and investment opportunities in the private sector, increasing the purchase of local goods and services and the employment of UAE nationals, and developing the knowledge sector," said Adnoc group chief executive Sultan Al Jaber.

Regional oil companies such as Saudi Aramco and Petroleum Development Oman have also started to push for greater connection between their supply chains and local goods and services by making in-country value a priority for contractors engaging with them.

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Updated: November 15, 2018 12:36 PM

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