Abu Dhabi, UAESaturday 7 December 2019

Adnoc updates global investors on strategy at Abu Dhabi forum

National oil company briefs financiers on co-investment opportunities

Tony Blair, former prime minister of the UK and executive chairman of the Institute for Global Change with Adnoc group chief executive and Minister of State Dr Sultan Al Jaber at Adnoc's global investor forum event at ADGM. Courtesy Adnoc
Tony Blair, former prime minister of the UK and executive chairman of the Institute for Global Change with Adnoc group chief executive and Minister of State Dr Sultan Al Jaber at Adnoc's global investor forum event at ADGM. Courtesy Adnoc

Abu Dhabi National Oil Company held its second investor forum in the capital on Saturday, providing 200 members of the world's financial and investment community with an update on its strategy and pipeline of partnership and co-investment opportunities.

The forum provided an overview of Adnoc's assets in oil, gas and petrochemicals, its new trading venture and an update on its progress in achieving its 2030 strategy. The company also presented its new integrated gas strategy, aimed at achieving self-sufficiency in gas and a potential transition towards becoming a net gas exporter.

“Adnoc’s investor forum aims to provide the global financial and investment community with a deeper understanding of Adnoc’s ambitious vision and 2030 strategy to grow its presence across the energy value chain and secure greater market access for its products," said Dr Sultan Al Jaber, Adnoc group chief executive and Minister of State.

"As in the past, we are actively seeking long-term, value-adding partners to invest and grow alongside us. Over the last two years, we have developed a substantial pipeline of attractive and innovative partnership and co-investment opportunities, covering both equity and debt, and including opportunities in our infrastructure portfolio, service and support businesses, as well as our key operating business. This forum clearly demonstrates our active engagement with new types of global partners and world class investors to share and develop new ideas and invest together to unlock further value,” he added.

The UAE accounts for 4 per cent of global crude production, much of it sourced from fields owned and operated by Adnoc in Abu Dhabi. The national oil company is targeting increasing production capacity to 4 million barrels per day by 2020, from about 3 million bpd at present. Under its 2030 strategy, the company intends to increase output capacity to 5 million bpd over the next decade.

A keynote speech at the forum on how macro trends in geopolitics will shape the energy industry was given by Tony Blair, the former UK Prime Minister who is executive chairman of the Institute for Global Change.

Over the past two years, Adnoc has entered global capital and debt markets through the IPO of its distribution arm on the Abu Dhabi Securities Exchange and the issue of a $3 billion (Dh11bn) bond by its Adcop pipeline business. It also secured an investment in its pipeline infrastructure from Blackrock, KKR and Singapore's sovereign fund GIC which brought in $5 billion of foreign direct investment into the UAE. The company has also signed a slew of deals granting concessions into oil and gas assets with a range of global energy businesses from Russia, China, India, Japan, France, Italy and Austria, among others.

A guest speech at the event was also given by Ahmed Al Sayegh, Minister of State and chairman of Abu Dhabi Global Market (ADGM), the emirate's financial free zone, on the UAE's attractiveness as an investment destination.

Updated: November 30, 2019 07:04 PM

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