ADNOC to invest responsibly despite COVID-19 challenges

Published: 5 April 2020 - 11:03 a.m.

The Abu Dhabi National Oil Company (ADNOC) will continue to invest responsibly to deliver on its 2030 smart growth strategy, despite the challenges associated with the COVID-19 outbreak, it said in a statement.

The company will continue to focus on efficiency, profitability, performance and people, and reinforce its In-Country Value (ICV) programme to stimulate economic growth, generate more commercial opportunities for the private sector, and create skilled jobs for UAE nationals.

Speaking about the company's current position amid the ongoing global crisis, UAE Minister of State and ADNOC Group CEO, HE Dr Sultan Ahmed Al Jaber, said: "Today, as a result of our transformation over the past four years, ADNOC is far stronger, more resilient and better positioned to respond to current market dynamics,including reduced demand and low oil prices.

Our strong balance sheet and our globally competitive cost per barrel, which we are constantly optimising, ensures we can continue to enable sustainable development for the national economy."

In addition, HE Al Jaber said that ADNOC will double down on ICV creation, as well as identify optimal solutions with partners, contractors, and suppliers.

ADNOC's ICV programme, which was launched in 2018, has driven more than $12bn (AED44bn) back into the UAE economy and created over 1,500 private-sector jobs for UAE nationals, since its launch.


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