Abu Dhabi’s ADNOC signs $4.63bln deals with 23 companies

Abu Dhabi National Oil Company (ADNOC) has signed new deals with 23 companies to manufacture locally a wide range of critical industrial products worth AED 17 billion ($4.63 billion). The agreements outline the intention of the businesses to manufacture in the UAE some of the products in ADNOC’s AED 70 billion pipeline, which the state-backed oil giant identified in July 2022. The products that will be produced locally include pipes and fittings, valves, bends and cladded pipes, industrial pumps and batteries, among many others. Proclad, Tri Star Middle East, Petro Globe Oil & Gas Equipment are some of the companies that secured the agreements. Last year, ADNOC signed agreements for local manufacturing commitments worth more than AED 25 billion. Local and international firms The previous and latest deals were signed with UAE and international companies as part of a strategy to encourage the private sector to capitalise on the commercial opportunities for domestic manufacturing across ADNOC’s “In-Country Value (ICV) program. Through the ICV program, the company seeks to drive AED 175 billion back into the UAE economy as part of its five-year business plan for 2023-2027. “ADNOC is creating long-term domestic manufacturing opportunities from our procurement pipeline to enhance the UAE’s industrial base and strengthen the resilience of our supply chains,” said Saleh Al Hashimi, ADNOC Director for Commercial & In-Country Value Directorate. “These agreements reinforce our role as a critical engine for the UAE’s industrial growth and they offer significant potential to further increase our GDP contributions, stimulate economic diversification and create more skilled job opportunities for UAE nationals.” (Writing by Cleofe Maceda; editing by Daniel Luiz) Cleofe.maceda@lseg.com

Abu Dhabi’s ADNOC signs $4.63bln deals with 23 companies

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