ADNOC Signs Agreements with 30 Local Manufacturing Companies Worth up to AED10 Billion
London, 5 October 2023, (Oilandgaspress) – ADNOC has announced new agreements with 30 companies for local manufacturing of critical non-oil products in its supply chain as it accelerates the decarbonization of its operations. The announcement was made at ADNOC’s 7th annual Business Partnership Forum held at ADIPEC, the world’s largest energy industry gathering taking place in Abu Dhabi.
The new agreements, outline the companies’ intention to locally manufacture products potentially worth up to AED10 billion ($2.7 billion) in ADNOC’s supply chain. The agreements support its target to locally manufacture AED70 billion ($19 billion) worth of products in its procurement pipeline by 2027 as part of the ‘Make it in the Emirates’ initiative. The agreements will stimulate industrial growth, create more private sector jobs for UAE Nationals and strengthen the resilience of ADNOC’s supply chain. Among the products that will be produced locally under these agreements are Personal Protective Equipment, which will enhance the safety of operations across all ADNOC Group companies. Battery energy storage systems and Uninterrupted Power Supply (UPS) equipment will also be manufactured in the UAE, enabling the replacement of diesel generators with more sustainable energy at ADNOC Onshore, ADNOC Offshore and ADNOC Drilling.
Over 1,000 people attended the Business Partnership Forum, where ADNOC showcased billions in local manufacturing opportunities across its procurement award outlook for the next two years. Local manufacturing of industrial products gives ADNOC greater flexibility to respond to market dynamics as the company decarbonizes its operations and invests in lower-carbon energy solutions.
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