Abu Dhabi National Oil Company (ADNOC) confirmed today its continued commitment to work to enhance value and responsible investment to ensure the achievement of its strategy for smart growth 2030, especially in the exceptional period that the world is currently going through.
ADNOC continues to progress based on its fundamental pillars that include human cadres, performance improvement, raising efficiency, increasing profitability and economic return, and focuses on redoubling efforts to expand its program to enhance local added value that contributes to stimulating economic growth in the country, creating more business opportunities and creating jobs for citizens in private sector.
His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company “ADNOC” and its group of companies said: “In line with the vision and direction of good leadership, and based on our firm commitment to our employees, the health and safety of our human cadres, and the safety of our assets and the continuity of our business, are at the head Our priorities during these exceptional circumstances. “
His Excellency added: “Thanks to the guidance and support of leadership, and through the concerted efforts of the teams in implementing the paradigm shift over the past four years, ADNOC today has more strengths and flexibility, and enjoys a position that enables it to deal with the changes and developments of the markets, including declining demand and low prices. Oil, and among the most important of these factors are our distinguished human cadres, our strong financial performance, the application of the best standards of governance, and the competitive cost of our production. Undoubtedly, the low cost of our oil production, which we are working to continuously improve, helps us sustain our contribution by supporting economic growth in the country of Skills. “
He continued: “On the basis of these solid foundations, we will continue to invest smart and responsibly and with a comprehensive awareness of all data and developments during this period, relying on our main pillars of human cadres, improving performance, raising efficiency, increasing profitability and economic return, and we are continuing to redouble efforts to expand and develop ADNOC program to enhance local added value and closer cooperation with partners, contractors and suppliers to find feasible and beneficial solutions for all parties, and that will positively reflect on the national economy. “
The ADNOC program to enhance local added value is an example of the company’s commitment to contribute to economic growth in the UAE, through which more than 44 billion dirhams ($ 12 billion) were redirected to spending in the local economy, and created more than 1500 jobs for UAE citizens in the private sector Since its launch in 2018.
ADNOC continues to implement its 2030 Smart Growth Strategy, including value-enhancing initiatives to increase profitability and achieve sustainable revenue for the UAE. The Smart Growth 2030 strategy includes ADNOC reinforcing its position among the lowest producers in the world for both cost and carbon emissions.
ADNOC also remains committed to the goals of increasing its production capacity and ensuring reliable energy supplies to the local market and to its customers around the world.