ADNOC targets injecting Dh178b into UAE economy in 5 years.

The Board of Directors at ADNOC in Dubai has approved a plan to inject $48.5 billion (Dh178 billion) into the UAE economy over the next 5 years.

ADNOC has increased its budget for 'landmark' decarbonization projects, technologies, and lower-carbon solutions to $23 billion (Dh84.4 billion). This includes investments in domestic and international carbon management platforms and support for the decarbonization efforts of both ADNOC and its customers.

The annual meeting of the ADNOC Board, chaired by UAE President Sheikh Mohamed bin Zayed Al Nahyan, discussed the company's achievements, including generating $11.2 billion (Dh41 billion) through the In-Country Value (ICV) program in 2023.

ADNOC entered local manufacturing agreements worth $16.9 billion (Dh62 billion) since 2022, progressing towards its goal of locally manufacturing $19 billion (Dh70 billion) worth of products in its procurement pipeline by 2027.

ADNOC, in collaboration with the Emirati Talent Competitiveness Council (Nafis), created 6,500 jobs for UAE nationals in the private sector in 2023 through its In-Country Value (ICV) program.

The total value driven back into the UAE economy by ADNOC now stands at $51 billion (Dh187 billion), with 11,500 UAE nationals employed in the private sector since the ICV program's launch in 2018.

As part of its decarbonization efforts, ADNOC is tripling its renewable energy capacity through its shareholding in Masdar. The company aims to reduce its greenhouse gas intensity by 25% and achieve near-zero methane emissions by 2030.

Decarbonization projects include providing 100% of onshore grid electricity needs with clean energy since the beginning of 2022 and connecting offshore operations to the grid to reduce offshore carbon footprint by up to 50%.

ADNOC's IPO strategy, including two IPOs in 2023 and investments in carbon capture projects, is proving successful. The company is acquiring a 30% share in the Absheron gas field in Azerbaijan and finalizing the Hail and Ghasha Offshore Development, a project aiming for net zero emissions.

Emphasizing transformational growth and international partnerships, ADNOC is committed to making today's energy cleaner, investing in the clean energies of tomorrow, and providing secure and sustainable energy to meet global demand.

Source: GULF NEWS

Image: Arab News