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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The total budget for the expansion has not been fixed yet. But Dharmawan Samsu, upstream director at Pertamina stated that the budget would include funds required for expansion in Algeria and Iraq’s oil blocks and also to develop the African fields that were acquired through a stake in France’s Murel et Prom.

Rini Soemarno, minister for state owned enterprise in Indonesia, stated that Pertamina will have to acquire new blocks in Africa while improving the existing operations elsewhere.

The 2020 budget proposal for Indonesia’s Pertamina will include 1 trillion rupiah or $70.37 million allocated for buying stakes in offshore oil companies and strengthening the current balance.

Dharmawan Samsu added, “It is the government’s plan and it is positive for us.” He said that the plans regarding the expansion will be discussed with the government.

Pertamina’s target oil output for the year 2019 is 414,000 barrels per day. Out of this total, 112,000 barrels per day is expected to be produced through its overseas operations.

The company had previously decided to export its excess supply of jet fuel due to high stocks.

Pahala Mansury, the finance director at Pertamina had earlier stated that its jet fuel stocks are not too big in terms of volume and that it needs to be either exported or processed into other products. The number of fuel output stocks increased after the completion of Pertamina’s Blue Sky project in Cilacap.

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