Adnoc is in the midst of delivering a 2030 strategy that involves significant capital expenditure. The company has a target of increasing capacity to 5 million barrels per day, from about 2.8 million bpd currently.
It is also planning substantial investment in downstream projects, including a new Ruwais Derivatives Park being developed jointly with state holding company ADQ that is building the infrastructure for a major chemicals hub.
Last year, the UAE's Supreme Petroleum Council approved Adnoc's Dh448bn investment programme over the next five years. In December, the company said it will expand its In-Country Value localisation programme, with a view to directing about Dh160bn back into the local economy.