Abu Dhabi’s ADNOC whips up $19bn – Kuwait Times

Abu Dhabi’s ADNOC whips up $19bn – Kuwait Times

Like Saudi Arabia, Abu Dhabi's economy was hit by a dramatic fall in oil prices in mid-2014, triggering a drive to reduce its dependence on crude.. ADNOC, which supplies nearly 3 percent of global oil demand, has for example struck deals with the world's largest fund manager BlackRock and with US investment firm KKR, a rare foray for both into national oil companies in the Middle East.. Their roots can be traced back to 2016, when oil prices fell to $30 a barrel, hitting state revenues and exposing how sensitive Abu Dhabi finances were to volatile prices.. ADNOC's production depended on decades-old concessions with Western oil majors, some of which have been operating in the UAE since the 1930s, and new deals and foreign investment were uncommon.. The visit sent a message to ADNOC's old guard that he would not brook any opposition, said people familiar with the company. ". We wanted to challenge the conventional business model of the National Oil Company," he told Reuters in an interview at his office on the 63rd floor of ADNOC's skyscraper HQ.. ADNOC plans to invest $45 billion to expand its refining and petrochemicals operations with partners and is looking to boost