Abu Dhabi Crown Prince cements control over oil firm Adnoc

SourceArabian Business
SectorOil & Gas

Abu Dhabi’s Crown Prince Mohammed Bin Zayed, has cemented his control over the emirate’s state energy company by becoming chairman of a newly-established board of directors. The crown prince also appointed one of his sons, Khaled bin Mohamed bin Zayed, as chairman of a smaller six-member executive board at Abu Dhabi National Oil Co., according to tweets on Sunday from the emirate’s media office. Adnoc pumps almost all the oil and gas in the United Arab Emirates, the third-biggest crude producer in OPEC. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. “This formalises the crown prince’s role as the head of Adnoc, which had been the case for several years now,” said Robin Mills, founder and head of Dubai-based consultancy Qamar Energy. “It provides an important role for his son.” Sultan Al Jaber, Adnoc’s chief executive officer, has been given the additional title of managing director and will sit on both boards. The decision comes after Abu Dhabi in December merged the Supreme Petroleum Council, which used...read more...