Abu Dhabi National Oil Company (Adnoc) seeks to boost its partnership with China in the areas of oil and gas, petrochemical and technology, according to Adnoc Director-General and CEO H.E. Sultan Ahmed Al Jaber.
Adnoc is also keen on expanding in Asia, specifically in China, where demand for petrochemicals and plastics, including lightweight automotive components, essential utility piping and cable insulation, is forecast to double by 2040, he said.
China is the UAE’s largest trading partner. Recently, Al Jaber, who is also Abu Dhabi’s Minister of State, visited China to hold talks in an attempt to bolster ties with the world’s second-largest oil consumer.
“We are keen to explore how Adnoc can continue to serve the growing demand for energy, and, in particular, for chemical and petrochemical products in China, as a key growth market,” Al Jaber said.
Adnoc is currently revamping its business model, consolidating various businesses and streamlining its operations as part of a restructuring that includes reaching out to foreign partners and selling shares in its retail fuel distribution unit on the Abu Dhabi stock market.
The company said it will allocate AED 400 billion (USD 108.9 billion) over the next five years on overseas investments in upstream and downstream projects.
Adnoc’s focus on the application of advanced technology, in support of its 2030 growth strategy, is one area where China’s experience in developing artificial intelligence and predictive data could be deployed to create additional value from its resources. Adnoc’s ambition is to be a leader in the digitization of the oil and gas industry, Al Jaber said.