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ADNOC identifies AED 70B hydrocarbon products

ADNOC identifies AED 70B hydrocarbon products

ArabFinance: The Abu Dhabi National Oil Company (ADNOC) has announced the discovery of AED 70 billion worth of products in its procurement pipeline that have potential for local manufacturers, according to a press release on June 21st.

To capitalize on the identified resources, ADNOC signed a series of agreements for local manufacturing opportunities with a total value of AED 21 billion with both Emirati and international companies at the Emirates Forum held in Abu Dhabi.

The agreement will enable manufacturers to explore the potential of over 100 products for investment and manufacturing.

ADNOC is seeking to purchase the mentioned products between 2022 and 2030. It invites the private sector to pump investments in order to produce the products in the local market.

“We invite local and international manufacturers to take advantage of these opportunities and join the UAE in our industrial growth journey as we strengthen the resilience of our supply chains, enhance economic self-sufficiency and deliver lasting value,” Managing Director and Group CEO of ADNOC said.

ADNOC signed a strategic collaboration agreement with India’s Intech Organics to explore manufacturing calcium and sodium bromide in the UAE. The Emirati company also signed framework agreements with American oilfield services company Schlumberger.

Moreover, ADNOC signed expressions of interest with over 20 investors in the TA’ZIZ Light Industrial and Services Zones at the Emirates Forum.

Hosted by the UAE’s Ministry of Industry and Advanced Technology (MoIAT), the Emirates Forum attracts major industrial companies across the UAE to share procurement plans and explore opportunities to boost local manufacturing.

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