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The Abu Dhabi National Oil Company, ADNOC, recently announced the expansion of its strategic partnership model, as well as the more active management of its portfolio of assets.
Following the launch of this new initiative, Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of ADNOC met last week with both potential and existing partners in China and Japan. These discussions focused on the new partnership and co-investment opportunities created through ADNOC’s new approach, as well as the deepening of UAE bilateral relations with both countries.
ADNOC’s new initiative builds on its flexible operating model and its 2030 growth strategy. It will enable the company to unlock and maximize significant value from across the Group, ensure competitiveness, drive business and revenue growth, enhance performance, and secure greater access for its products in key growth markets.
This new approach also comes at a time when global economic growth and energy demand is shifting East. These shifting trends sit alongside a rapid increase in Asian demand for products derived from hydrocarbons - namely petrochemicals, plastics and polymers - which is expected to more than double in the next 25 years. The region is also home to considerable investment, financing and banking expertise that ADNOC will seek to leverage as part of its new partnership model. ADNOC is therefore increasingly focused on building and developing long-term partnerships with both new and existing counter parties in China and Japan, as well as across the fast-growing Asia region.
Dr. Al Jaber commented during his visit, "Chinese and Japanese companies have been amongst our most important and longest-standing partners and Asia represents tremendous growth opportunities for ADNOC. We are therefore seeking partners to co-invest across the different parts of our value chain and who will bring operational expertise and technology, as well as the ability to secure greater access to these fast-growing markets."
ADNOC has existing partnerships with a number of Chinese and Japanese companies across its upstream, midstream and downstream businesses. At the heart of ADNOC’s new partnership model is a range of new and compelling co-investment opportunities from across its value chain. Current and potential partners expressed interest in ADNOC’s new partnership and investment opportunities. This is due to a combination of their own domestic demand requirements for energy and petrochemical products, as well as the attractive investment and growth profiles of the opportunities themselves.
In China, Dr. Al Jaber met with the Ministry of Foreign Affairs including Wang Yi, Foreign Minister of the People’s Republic of China and Mr. Deng Li, Director-General for the MENA Region. He also met with existing and new, potential partners to brief them about ADNOC’s new, expanded partnership approach.
In Japan, Dr. Al Jaber had a bilateral meeting with Shinzo Abe, Prime Minister of Japan, where he conveyed the greetings of the UAE leadership to Prime Minister Abe and discussed ways to deepen cooperation in the energy sector. In addition to Prime Minister Abe, Dr. Al Jaber also met with Fumio Kishida, Minister of Foreign Affairs, Hiroshige Seko, Minister of Economy, Trade and Industry.
Dr. Al Jaber held further meetings and discussions with ADNOC’s Japanese partners to discuss company's new partnership and co-investment opportunities. "As ADNOC embarks on its new approach, we look forward to building on our successful partnerships in both China and Japan. We believe our mutual goals and objectives are aligned and that committed and long term collaboration will help meet the growing energy demand of both countries, as well as promote sustainable economic growth and trade," he said.
The visit of Dr. Al Jaber to Japan coincided with the fifth Abu Dhabi-Japan Economic Council meeting in Tokyo, where a number of senior Abu Dhabi officials discussed potential areas of cooperation around key economic sectors, including oil and gas.
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