Adnoc gets go-ahead for Dh400 billion plan

Sheikh Mohamed bin Zayed reaffirmed that Adnoc has the unwavering support of the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, as it continues to drive the engines of the nation's prosperity. - Wam

His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Vice-Chairman of the Supreme Petroleum Council (SPC), on Monday approved Adnoc's key strategic investments programme and future opportunities.
The Abu Dhabi-based oil and gas company expands its 2030 strategy, aimed at unlocking, creating and maximising value and ensuring smart growth in its upstream, and downstream businesses, while strengthening market access.
The SPC also approved Adnoc's plans for capital expenditure of more than Dh400 billion over the next five years, as it embarks on its upstream and downstream expansion and growth projects. 
The SPC also approved Adnoc's plans to explore and appraise Abu Dhabi's unconventional gas resources, as the company seeks to enable future value creation from its untapped gas resources. It gave the green light to Adnoc to pursue international downstream investments that will position Adnoc as a global player in the downstream market.
During the meeting, Sheikh Mohamed bin Zayed reaffirmed that Adnoc has the unwavering support of the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, as it continues to drive the engines of the nation's prosperity by creating long-term, sustainable value, from all of the nation's hydrocarbon resources, to ensure it continues to be an integral pillar of UAE's economy for decades to come. The SPC is the highest governing body of the oil and gas industry in Abu Dhabi.
 The council formulates, approves and oversees the implementation of Abu Dhabi's petroleum policy and follows up its implementation across all areas of the petroleum industry to ensure that the set goals are accomplished. SPC members attending the meeting at Adnoc's corporate headquarters, were Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive Council;  Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs; Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince's Court; Sheikh Mohammed bin Khalifa Al Nahyan, Executive Council Member;  Sheikh Dhiyab bin Mohamed bin Zayed Al Nahyan; Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry; Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and Adnoc Group CEO; Hamad Mubarak Al Shamsi, Secretary-General of the SPC; Dr Ahmed Mubarak Al Mazrouei, Secretary-General of the Abu Dhabi Executive Council; Khaldoun Khalifa Al Mubarak, Group CEO and Managing Director of Mubadala; Riyad Abdul Rahman Al Mubarak, Chairman of the Abu Dhabi Department of Finance and member of the Abu Dhabi Executive Council; Awaidha Murshed Al Marar, Chairman of the Department of Energy and Member of the Abu Dhabi Executive Council; Abdullah Nasser Al Suwaidi, and Suhail Fares Ghanem Al Mazroui. - Wam