ADNOC attracts 19 billion dollars in 3 years

ADNOC

A recently released Reuters report revealed that Abu Dhabi National Oil Company (ADNOC) has succeeded in attracting foreign capital of $ 19 billion during the past three years.


The report pointed out that the company attracts foreign capital calmly and successfully, after the work in ADNOC centered on reform, development, modernization and attracting foreign investments.

ADNOC, which provides nearly 3 percent of global oil demand, has entered into an agreement with Black Rock, the world's largest fund manager, and with the US investment firm KKR.

ADNOC has also sold stakes in part of the infrastructure for oil pipelines and refining facilities, according to Emirates News Agency (WAM).

"While the national oil companies are seeking to implement the business model of the major global oil companies by expanding downstream operations, refining and petrochemicals, and trade, the financing strategies differ," says Dmitry Marianschenko, analyst with Fitch Ratings.

“ADNOC is adopting advanced financing mechanisms to finance its projects, including the sale of minority stakes in some of the group’s companies,” says Marinchenko.


“ADNOC adopts an open approach to cooperation with international partners, through establishing strategic partnerships.”

"The big challenge is the uncertainty about the prospects for the future of oil, and the closer look at the energy companies' businesses around the world due to climate change," says Halima Croft, head of commodities strategy at RBC Capital Markets.