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Adnoc lures foreign investors to explore new financing options

Adnoc foreign investors
The oil giant has raised more than $19 billion from foreign investors in the last three years

Abu Dhabi National Oil Company (Adnoc) is exploring new financing and strategic partnership opportunities with foreign investors to drive its growth strategy. 

Adnoc has raised more than $19 billion from foreign investors in the last three years, the local media reported.

Adnoc has adopted new reforms and modernisation plans to lure foreign investors. For example, Sultan Ahmad Al Jaber, Minister of State, was appointed as Adnoc CEO as part of its many reforms. 

New foreign investors can help the company sustain and diversify its current financing capabilities. Adnoc supplies nearly 3 percent of global oil demand, Reuters reported. 

Adnoc plans to invest $45 billion to expand its refining and petrochemical business. 

Al Jaber told the media that, “The company looks to increase its share of the international market for crude oil and fuel. We don’t want cooperation to be limited to known or traditional partners, as we want to explore and seize all opportunities.”

The company plans to reduce its greenhouse gas emissions by 25 percent by 2030. To that end, it is making further investments to expand the commercial carbon capture, utilisation and storage facility’s capacity in the region. Adnoc ranks in the top five lowest greenhouse gas emitters in the oil and gas industry. 

The company sold a stake in its pipeline infrastructure and refining business to BlackRock. It has signed deals with other major financial institutions as well. BlackRock is the world’s largest fund manager. 

More recently, Adnoc signed an agreement with  Indonesia’s Pertamina and Chandra Asri to develop a crude to petrochemicals complex.  Pertamina is a state-owned oil and gas company, while Chandra Asri is an integrated petrochemical producer. 

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