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ADNOC Signs Deals Worth $4.6 Billion

An ADNOC facility in the UAE. (Asharq Al-Awsat)
An ADNOC facility in the UAE. (Asharq Al-Awsat)
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ADNOC Signs Deals Worth $4.6 Billion

An ADNOC facility in the UAE. (Asharq Al-Awsat)
An ADNOC facility in the UAE. (Asharq Al-Awsat)

The Abu Dhabi National Oil Company (ADNOC) has signed agreements with at least 23 leading domestic and international companies for manufacturing opportunities across multiple industrial products valued at 17 billion dirhams ($4.63 billion).

“The agreements outline the intention of the companies to manufacture these products in the UAE, supporting the ‘Make it in the Emirates’ initiative,” according to ADNOC.

ADNOC noted that deals awarded are “a part of the 70 billion drihams ($19 billion) worth of products in ADNOC’s procurement pipeline that the company identified for domestic manufacturing in July 2022”.

The company has been encouraging the private sector to capitalize on the commercial opportunities for domestic manufacturing across its value chain through its In-Country Value (ICV) program, as it expands and decarbonizes its operations.

Saleh Al Hashimi, ADNOC’s director for commercial and in-country value, said the company “is creating long-term domestic manufacturing opportunities from its procurement pipeline to enhance the UAE’s industrial base and strengthen the resilience of its supply chains”.

“These agreements reinforce our role as a critical engine for the UAE’s industrial growth and they offer significant potential to further stimulate economic diversification and create more skilled job opportunities for UAE nationals,” said Al Hashimi.

“We look forward to working with these companies to deliver on these important agreements and drive more sustainable value to the UAE.”

Last year, the energy company signed agreements for local manufacturing commitments worth over 25 billion dirhams ($6.8 billion) with UAE and international companies.

It continues to use a transparent approach in announcing its production forecasts as part of its In-Country Value program, said ADNOC.

The approach confirms ADNOC’s efforts to motivate investors and suppliers to establish manufacturing capabilities in the UAE and contribute to the expansion of the existing ones.

As part of a new five-year plan, ADNOC aims to channel 175 billion dirhams ($48 billion) back into the Emirates' economy through its ICV program.

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Saudi Arabia Tackles Carbon Management Challenges at COP 29

Speakers participate in a discussion session in the Saudi pavilion during the COP29. (Asharq Al-Awsat)
Speakers participate in a discussion session in the Saudi pavilion during the COP29. (Asharq Al-Awsat)
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Saudi Arabia Tackles Carbon Management Challenges at COP 29

Speakers participate in a discussion session in the Saudi pavilion during the COP29. (Asharq Al-Awsat)
Speakers participate in a discussion session in the Saudi pavilion during the COP29. (Asharq Al-Awsat)

During a panel discussion titled, “The Carbon Management Challenge: Scaling Carbon Management to Gigaton Levels” at the Saudi Pavilion at COP 29, speakers highlighted the critical role of international collaboration in advancing carbon capture technologies and emphasized Saudi Arabia’s ambitious goal of achieving net-zero emissions by 2060.

The discussion focused on Saudi Arabia’s adoption of the Circular Carbon Economy framework, which centers on four key pillars: reducing emissions, reusing carbon, recycling, and removing carbon.

The participants pointed to the importance of international cooperation in developing new carbon capture technologies and establishing independent carbon transport and storage projects. According to reports, over 50 advanced carbon capture and storage (CCS) projects are currently in progress globally, with a combined capacity of 50 million tons. Furthermore, investment decisions have been made for 44 additional CCS projects under development around the world.

The session also explored advancements in various industries, such as the cement sector. Countries like Japan, China, and European nations have made significant progress in carbon capture technologies, while emerging economies such as Canada and Thailand are working on financing decarbonization efforts in the cement industry.

The speakers underscored the crucial role of governments in enabling these initiatives by making financial investments and developing the necessary infrastructure. They also pointed out that supportive government policies are essential for driving these projects forward and fostering collaboration between the public and private sectors. This aligns with the Clean Energy Ministerial’s focus on advancing policies for carbon capture, utilization, and storage technologies.

The participants further stressed that global goals to reduce emissions and combat climate change can only be achieved through international cooperation, robust policy frameworks, and the sharing of expertise across all stakeholders.