UAE President Directs ADNOC’s Strategic Board Meeting, Emphasizing Global Energy Transition Leadership

In his capacity as Chairman of the ADNOC Board of Directors, UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan presided over the annual meeting at ADNOC Headquarters. The meeting delved into ADNOC’s transformative journey, with a focus on growth, sustainability, and contributions to the global energy transition.

During the meeting, His Highness directed ADNOC to expand its diversified portfolio, ensuring the delivery of secure, reliable, and responsible energy to facilitate a just, orderly, and equitable global energy transition. Highlighting ADNOC’s commitment to decarbonization and future-proofing, His Highness noted the tripling of renewable energy capacity through its shareholding in Masdar.

The board was briefed on ADNOC’s record-breaking initial public offerings (IPOs) and its foray into international investments in 2023, emphasizing the company’s commitment to transformative growth, partnerships, and seizing international opportunities. The acquisition of OCI’s majority shareholding in Fertiglobe plc was a notable step in realizing ADNOC’s ambitious chemicals strategy and its role in advancing low-carbon ammonia as a key fuel and hydrogen carrier.

With a keen focus on its Net Zero by 2045 target, the board directed ADNOC to intensify efforts in decarbonization, renewables growth, and lower-carbon solutions. A significant budget allocation of $23 billion was approved for landmark decarbonization projects, technologies, and solutions, supporting both ADNOC and its customers on their decarbonization journeys.

The board praised ADNOC as a catalyst for the UAE’s economic and industrial growth, endorsing the company’s goal to inject $48.5 billion back into the UAE economy over the next five years. ADNOC’s commitment to human capital development was underscored, with a focus on upskilling the workforce in emerging technologies.

ADNOC’s contributions to the ‘Make it in the Emirates’ initiative were acknowledged, with the company signing local manufacturing agreements worth $16.9 billion since 2022. The board recognized ADNOC’s dedication to investing in local communities through its corporate social responsibility (CSR) program, contributing over $1.36 billion to local initiatives since 2018.

The meeting celebrated ADNOC’s milestones in 2023, including successful IPOs, investments in carbon capture projects, and the final investment decision for the Hail and Ghasha Offshore Development. ADNOC’s commitment to carbon intensity reduction, doubling carbon capture and storage (CCS) capacity, and supporting Masdar’s 100 GW target by 2030 were highlighted.

Attending the meeting were key figures including H.H. Sheikh Mansour bin Zayed Al Nahyan, H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, H.H. Sheikh Hazza bin Zayed Al Nahyan, and several ministers and council members. H.E. Dr. Sultan Ahmed Al Jaber, ADNOC Managing Director and Group CEO, expressed the company’s dedication to transforming, decarbonizing, and playing a pivotal role in the global energy landscape.