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In the opening address of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec), Al Jaber said even though the fundamentals of the global economy are positive, the future is promising and the state of the industry is strong, one cannot ignore the shifting dynamics of the global energy mix. "We must act nimbly, think creatively and challenge our traditional business models."
Adnoc, he said, was embracing the future to create a new type of national oil company that would meet the needs of today, while adapting to secure tomorrow's success.
"To achieve this, we have set out to transform the fundamentals of our business. We have expanded our approach to partnerships as we pivot to where new growth is actually emerging, enhanced our capital structure to more efficiently finance our business and revised the way we manage our portfolio of assets to unlock lasting value."
Talking about a major step in the company's ongoing transformation, he said: "For the first time in the history of our company, we are exploring the potential IPO of minority stakes in some of our services companies. I confirm our intention to float a minority stake in Adnoc Distribution. The planned IPO, to be listed on the Abu Dhabi Securities Exchange, will offer both UAE and international investors an unprecedented opportunity to invest alongside Adnoc in one of the UAE's leading consumer brands."
He said the move signals a new chapter in the growth and development of the UAE's capital markets. He added that Adnoc would always remain wholly government-owned.
Al Jaber said the proposed IPO underpins the company's focus on unlocking the full potential of the entire value chain with its 2030 strategy.
He said the focus is to deliver a more profitable upstream, a more valuable downstream and an economic, sustainable gas supply.
"In upstream, while we stay on track to expand production capacity to 3.5 million barrels per day, we are applying innovative technology to improve performance and cut drilling time by 30 per cent. Our enhanced efficiency is reinforcing our position among the world's lowest-cost producers and attracting a diverse class of international partners. In downstream, we plan to grow crude refining capacity by 60 per cent and more than triple our petrochemical production."
He noted the expansion would make Ruwais the single largest integrated refining and chemicals site in the world.
"Once complete, we will convert almost 20 per cent of our crude to chemicals, diversifying our range of higher value products and providing a natural hedge to oil price movements."
He said the company is applying new technology but human capital remains the most critical asset.
"We established our Future Leaders Programme, represented by 32 of Adnoc's brightest minds, selected from 600 self-nominated applicants. Just as past generations brought Adnoc to where it is today, this next generation of leadership will secure even greater levels of success," he added.
- ashwani@khaleejtimes.com
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