UAE President chairs ADNOC Board of Directors meeting

UAE President chairs ADNOC Board of Directors meeting

- Board approves strategy to accelerate growth across ADNOC’s value chain

- As part of the strategy, ADNOC to establish Low Carbon Solutions & International Growth vertical focused on new energies, gas, LNG and chemicals

- 5 mmbopd production capacity target accelerated to 2027

- UAE’s reserves increase to 113 billion STB of oil and 290 trillion SCF of gas

- Consolidation of ADNOC’s gas processing and LNG businesses to create ADNOC Gas and ADNOC to float a minority stake in the new company on ADX next year

- CAPEX of AED550 billion ($150 billion) for 2023-2027 approved by the board

- UAE President commends ADNOC’s achievements in enhancing the productivity of employees and increasing the rate of UAE National employment by 15 percentage points over the past five years

- His Highness stresses the importance of continuing to improve performance, efficiency and agility, and praises ADNOC’s efforts to drive industrial growth through its ICV program and its support for the ‘Make it in the Emirates’ initiative

- AED35 billion ($9.54 billion) driven back into the local economy and 2,000 jobs created for UAE Nationals in 2022 through ADNOC’s ICV program, bringing the total number of UAE Nationals employed in the private sector to 5,000 since the program