Tokyo, Japan: Technology and strategic, value-add partnerships are the key to ADNOC’s growth plans, as the company seeks to ambitiously expand its business by opening new markets and offering new, diversified and high-value products, according to His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and Abu Dhabi National Oil Company (ADNOC) Group CEO.

Speaking at Gastech, a gas and LNG conference and exhibition, taking place in Japan, Dr Al Jaber said the industry needs to collectively rethink its partnership models in response to changing market dynamics. “In this new energy era, the success of our industry and our companies will be driven by long-term, value-add and integrated partnership models across the value chain that leverage innovative technology and market access,” Dr Al Jaber said. “Such integrated partnerships will require energy companies to think, plan and act differently to deliver future growth.”

He emphasised technology and partnerships are at the heart of ADNOC’s growth strategy and five-year business plan, which is focused on driving efficiency, improving performance and maximising value to across upstream, midstream and downstream portfolio.

According to a press release in its website, the company’s crude capacity output is slated to increase to 3.5 mbd by 2018 while its sour gas production, from its Al Hosn facility, will be expanded by 50% per cent. The company, the press release further said, has also placed significant focus on its downstream business with plans to triple production of petrochemical and higher value products.

Dr Al Jaber also noted that Asia is an increasingly important market for energy producers, noting its share of global gas imports will grow from half to two-thirds of demand by 2040, as global demand increases by 70%.

Hailing the United Arab Emirates and the oil company’s ties with Japan, Dr Al Jaber described Japan as one of “ADNOC’s longest-standing partners and customers”, pointing out ADNOC delivers one-third of Japan’s oil and has been a reliable supplier of natural gas for over four decades. “Our experience with Japan is a clear example of how partnerships can advance industry, deliver economic growth and enable social progress,” he added.