His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Executive Office, has chaired a meeting of the Executive Committee of the Abu Dhabi National Oil Company (ADNOC) Board of Directors.
During the meeting, held at ADNOC Headquarters, His Highness reviewed ADNOC’s performance and strategic targets and praised the success of Murban crude oil futures contracts on Ice Futures Abu Dhabi (IFAD) as the first anniversary of the start of trading approaches. His Highness noted that the Murban Futures Contract has made Abu Dhabi’s largest crude grade even more attractive to the global market and reinforced the UAE’s status as a global energy hub.
The Murban Futures Contract commenced trading on IFAD on 29 March 2021 and has since traded over one billion barrels of Abu Dhabi’s flagship low-carbon Murban crude. Furthermore, there are a growing number of market participants in the IFAD exchange with over 90 market participants and global clearing members such as J.P. Morgan, Morgan Stanley, Citigroup, Goldman Sachs and HSBC.
His Highness also endorsed plans to leverage partnerships to increase production of lower emissions fuels as the company embraces the energy transition, and gave directives to further strengthen efforts to reduce carbon footprint and capitliase on renewable energy opportunities, including hydrogen. ADNOC’s progressive approach to best-in-class sustainability practices was endorsed by His Highness and the Executive Committee.
During the meeting, His Highness also commended ADNOC’s recent milestones including the successful intial public offering (IPO) of Fertiglobe and ADNOC Drilling. He congratulated ADNOC Drilling for its recent achievement of 10,000 wells drilled and noted that both ADNOC Drilling and Fertiglobe are well-positioned to deliver on their ambitious growth plans.
His Highness and the Executive Committee were briefed on the growth of ADNOC’s trading business and its trading units – ADNOC Trading (AT) and ADNOC Global Trading (AGT) – which completed their first year of trading activities at the end of 2021. Both entities delivered significant incremental value from their operations to ADNOC, leveraging synergies with other ADNOC businesses.
Under the guidance of His Highness, the Executive Committee is providing strategic direction for ADNOC as it delivers on its 2030 strategy and enables economic growth in support of the UAE’s ‘Principles of the 50’. Over the course of the year, the Executive Committee meets to review ADNOC’s progress against its strategic and financial targets as well as its operational performance.
Other members that attended the meeting include H.E. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO; H.E. Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure; H.E. Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala Investment Company; H.E. Jassem Al Zaabi, Chairman of the Abu Dhabi Department of Finance; and H.E. Ahmed Ali Al Sayegh Minister of State.