UAE's ADNOC identifies $19 billion in products with local manufacturing potential

1 minute read

Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. REUTERS/Toru Hanai

Register now for FREE unlimited access to

DUBAI, June 21 (Reuters) - Abu Dhabi National Oil company (ADNOC) said on Tuesday it had identified 70 billion dirhams ($19 billion) worth of products in its procurement pipeline that could be manufactured locally.

Of the total, ADNOC signed agreements for local manufacturing opportunities worth 21 billion dirhams ($5.7 billion) with UAE and international companies at the Make it in the Emirates Forum taking place in Abu Dhabi.

The local opportunities include over 100 products to be utilised across ADNOC’s full value chain as it expands its operations to cater for growing global energy demand, the company said.

Register now for FREE unlimited access to

ADNOC aims to purchase these products between 2022 and 2023.

Minister of Industry and Advanced Technology Sultan al-Jaber, who is also ADNOC chief, announced at the same forum that national firms would allocate 110 billion dirhams ($30 bln) in potential purchase agreements for local manufacturers.

Jaber said the move would add at least 6 bln dirhams annually to the GDP.

Register now for FREE unlimited access to
Reporting by Maha El Dahan and Nadine Awadalla; editing by Jason Neely and Ed Osmond

Our Standards: The Thomson Reuters Trust Principles.