ADNOC’s progress plan include technology, long-term value-add and integrated partnerships
As ADNOC seeks to ambitiously expand its business by opening new markets and offering new, diversified and high-value products, technology and strategic, value add partnerships are the key to the company’s growth plans.
The industry needs to collectively rethink its partnership models in response to changing market dynamics commented His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO. He was speaking at Gastech, the world’s leading fuel and LNG conference and exhibition, taking place in Japan.
H.E. Dr Al Jaber said, “At ADNOC, we have set forth on an ambitious growth plan and invite the industry to join us on our journey by shaping strategic partnerships that deliver technology, enhance market access and leverage value across our integrated upstream, midstream and downstream portfolio.
Strengthen the upstream capacity and expand its portfolio of downstream products constitute ADNOC’s growth strategy. By 2018, the company’s crude capacity output is slated to increase to 3.5 mbd. With plans to triple production of petrochemical and higher value products, ADNOC has also placed significant focus on its downstream business.
A key enabler of ADNOC’s strategy is technology, which is transforming the fuel industry and making sure the company maintains its competitiveness and grows sustainably taking full advantage of market opportunities. People, Performance, Profitability and Efficiency are the four key pillars which supports ADNOC’s path to becoming a more commercially focused, performance-led organization.
As global demand increases by 70 per cent, H.E. Dr Al Jaber said Asia is an increasingly important market for energy producers, noting its share of global fuel imports will grow from half to two thirds of demand by 2040. Producers are able to keep pace with the growth in demand by means of advances in technology, combined with enhanced recovery techniques that are maximizing productivity. However, a key factor that needs to be addressed is the lack of investment.
“Our experience with Japan is a clear example of how partnerships can advance industry, deliver economic growth and enable social progress,” H.E. Dr Al Jaber said and depicted Japan as one of “ADNOC’s longest-standing partners and customers”, pointing out that ADNOC delivers one-third of Japan’s fuel and has been a reliable supplier of natural gas for over four decades.
ADNOC’s readiness to work with innovative, value add partners across the fuel value chain is signaled by the company’s participation in Gastechas part of a series of global engagements. An essential element of ADNOC’s strategy is establishing new partnerships throughout every aspect of its upstream and downstream businesses. PWKD07042017