Abu Dhabi National Oil Company (ADNOC) has announced new agreements with 30 local companies , potentially worth 10 billion dirhams ($2.7 billion), to make non-oil products as part of its plan to boost local manufacturing, localise supply chain and decarbonise its operations.
The agreements support its target to locally manufacture $19 billion worth of products in its procurement pipeline by 2027 as part of the ‘Make it in the Emirates’ initiative, the state oil company said in a statement on Thursday.
Among the products that will be produced locally under these agreements are personal protective equipment (PPE), battery energy storage systems and uninterrupted power supply (UPS) equipment.
The announcement was made at ADNOC’s energy forum ADIPEC in Abu Dhabi.
(Writing by Brinda Darasha; editing by Seban Scaria)