UAE’s Abu Dhabi National Oil Company (Adnoc) is seeking to enter more “strategic” partnerships to develop new business streams as part of its new five-year business plan and 2030 strategy, according to a news report.
The state-owned company announced new strategy in November last year, revealing plans to scale up its oil production target by 400,000 barrels per day (bpd) to 3.5 million bpd in 2018 and more than doubling petrochemical production from 4.5 million tonnes per annum (mtpa) in 2016 to 11.4 mtpa by 2025.
“Our model of engagement is changing. We are going to be more open for more business partnerships and more investors. [But] we are only looking for strategic, value-add investors and partners,” Adnoc chief executive officer Sultan Al Jaber told The National, referring to ADCO-BP deal inked in December 2016.
The deal gives BP a 10 percent stake in the Abu Dhabi Company for Onshore Petroleum Operations (ADCO), which operates the Bab, Bu Hasa, Shah and Asab concessions.
Al Jaber said the company will “aggressively” seek opportunities in the upstream, midstream and downstream industries in refining, petrochemicals and fertilisers sector.