ABU DHABI: Eng. Badr Saeed Al Lamki, CEO of ADNOC Distribution, affirmed that the company continues to explore attractive investment opportunities and expand into new markets that can deliver lucrative returns for shareholders.
Al Lamki stated in remarks to the Emirates News Agency (WAM) on the sidelines of the ADIPEC 2023 exhibition and conference, "We are continuing to search for new investment opportunities as part of our expansion plans, and they will be announced at the appropriate time after meeting all necessary conditions and regulatory approvals."
He added that ADNOC Distribution has a clear roadmap to reduce carbon emissions from its operations by 25 percent by 2030 and achieve climate neutrality by 2050, aligning with the UAE's goals towards achieving net-zero emissions.
Al Lamki explained that ADNOC Distribution has already started implementing sustainable energy projects at its fuel distribution stations, including electricity generation through photovoltaic cells and introducing electric vehicle charging services at ADNOC Distribution stations, with 32 charging points strategically located across the country.
Regarding smart expansion plans, he stated that the company holds a 66 percent market share locally as part of ADNOC Distribution's smart growth policy.
He also mentioned that the Saudi Arabian market, where the company operates, is substantial and promising for investment, as ADNOC Distribution began its expansion plans in Saudi Arabia with a portfolio of 67 fuel distribution stations.
In early 2023, ADNOC Distribution announced its acquisition of a 50 percent stake in "Total Energies Marketing Egypt," which currently manages 240 fuel distribution stations. The company launched the first three stations carrying the ADNOC Distribution brand in the Egyptian market as part of its smart growth strategy and entry into new markets.
In January 2023, ADNOC Distribution announced its plans to reduce emissions from its operations and decrease carbon intensity by 25 percent by 2030, committing to sustainability in its daily operations to enhance its readiness for the future and achieve sustainable returns for its shareholders in the long run. Since then, the company has taken concrete steps to fulfil this commitment and transition into the energy sector.
The company also announced a partnership with "Energ" (a joint venture between Abu Dhabi Future Energy Company "Masdar" and EDF) to install solar panels at ADNOC Distribution service stations in Dubai as part of its gradual installation of solar panels at its stations across the UAE to provide clean energy to its service stations.