ADNOC Downstream Forum is an innovative initiative in serving national economy: Ministers

ABU DHABI, ADNOC Downstream Investment Forum which will start in Abu Dhabi next week, is a step forward in ADNOC’s innovative initiatives that have been launched over the past two years aimed at providing added value to key companies, subsidiaries and the national economy in general.

Ministers and other participants of the forum told the Emirates News Agency, WAM, that the agenda of the forum includes ADNOC’s review of its new strategy, that will provide a detailed overview of its downstream strategy as well as the partnership and available investment opportunities and projects that will boost country’s Gross domestic product, GDP.

They also said that ADNOC Group is the model institution as the wise leadership believes in the importance of continuing to diversify the economy and expand options, based on the strength and expertise of the State, particularly in the field of energy, and the consequent renewal of methodologies for progressive thinking.

Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, said, “ADNOC’s strategy will not only benefit the company, but it will also benefit Abu Dhabi, the nation, the industry, and the region. It will make a significant contribution to the GDP growth and further enrich our economy and private sector with new opportunities, as well as provide new employment and high-skilled career opportunities.

“We are sure that through these efforts, ADNOC will maintain its position as one of the world’s leading energy companies and play a leading role in redefining and pushing the boundaries of the global energy landscape.”

Sultan bin Saeed Al Mansouri, Minister of Economy, said, “ADNOC’s ambitious 2030 strategy and downstream expansion plans are important drivers to the future economic success of our nation. The significant investment commitment will drive the establishment and growth of a much wider range of industries in the UAE. We welcome the strategy wholeheartedly and will work alongside ADNOC to support it in its leading role in diversifying our local economy and driving both private sector growth and local job creation.

Senior officials from foreign companies working in the oil and energy sector praised ADNOC Group’s distinguished initiatives and strategy in the sector, emphasising that ADNOC’s Downstream Investment Forum is an opportunity to strengthen cooperation with the group during the next phase.

Vicki Hollub, President and Chief Executive Officer of Occidental Petroleum, said, “Occidental is privileged to be a partner of ADNOC in its efforts to maximise the UAE’s energy resources. The opportunity to discuss future collaboration is exciting, and we look forward to participating in these valuable discussions.”

Eric Cantor, Vice Chairman and Managing Director at Moelis & Company, said, “Abu Dhabi is one of the most stable global trade hubs with a highly attractive investment climate and proven track record of successful partnerships. Investors have a unique opportunity to create significant value through partnering with ADNOC on its path to becoming a global downstream leader. I am thrilled to be part of the ADNOC Downstream Investment Forum and the launch of this exciting initiative.”

Source: Emirates News Agency