President His Highness Sheikh Mohamed bin Zayed Al Nahyan chaired the annual ADNOC Board of Directors meeting, held at ADNOC Headquarters. The board directed ADNOC to pursue Net Zero emissions by 2050, supporting the UAE’s strategic initiative.
The board approved ADNOC’s strategy to accelerate value chain growth responsibly, addressing global energy demand and supporting energy security. A new Low Carbon Solutions & International Growth division will focus on emerging energy sources, natural gas, LNG, and chemicals.
Sheikh Mohamed praised ADNOC’s efforts to reduce its carbon footprint and highlighted its role in the UAE’s economic growth and diversification. He commended ADNOC’s contributions through the In-Country Value (ICV) programme, which reinvested AED 35 billion into the economy this year and employed 2,000 Emiratis. Since 2018, the programme has driven AED 140 billion back into the economy and created 5,000 Emirati jobs.
ADNOC’s support for the “Make it in the Emirates” initiative includes agreements worth AED 25 billion for local manufacturing, advancing its goal to produce over 100 products locally by 2030.
Sheikh Mohamed emphasised performance, efficiency, and human capital development, praising ADNOC for increasing Emiratisation by 15 percentage points in five years. He stressed the importance of continuous improvement and met ADNOC youth, acknowledging their role in the company’s transformation.
The board endorsed accelerating ADNOC’s oil production capacity target to 5 million barrels per day by 2027, supported by increased hydrocarbon reserves. They also approved the creation of ADNOC Gas, a new entity consolidating gas operations, with plans for a minority IPO on the Abu Dhabi Securities Exchange in 2023.
