• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 11 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 days Does Toyota Know Something That We Don’t?
  • 2 days America should go after China but it should be done in a wise way.
  • 7 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 days China is using Chinese Names of Cities on their Border with Russia.
  • 11 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 11 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 11 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 10 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 1 min Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 11 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
Canada Oil Faces Fresh Pipeline Shortage

Canada Oil Faces Fresh Pipeline Shortage

Canadian oil production could hit…

The Race for Natural Hydrogen Is Heating Up

The Race for Natural Hydrogen Is Heating Up

Natural hydrogen presents a promising…

Abu Dhabi Formalizes Crown Prince’s Grip Over Oil Firm ADNOC

The de facto ruler of Abu Dhabi, the richest oil emirate in the United Arab Emirates (UAE), became the chairman of the newly-formed board of directors at state oil firm Abu Dhabi National Oil Company (ADNOC), formalizing a role that analysts say he has been exerting in recent years.

Crown Prince Mohammed Bin Zayed, who is the de facto ruler of Abu Dhabi since the emir of Abu Dhabi, Khalifa bin Zayed, suffered a stroke in 2014, will chair the newly-formed board of directors of ADNOC, the Abu Dhabi media office said on Twitter on Sunday.

“Khalifa bin Zayed, in his capacity as Chairman of the Supreme Council for Financial and Economic Affairs, has issued a resolution to form the board of directors of Abu Dhabi National Oil Company (ADNOC), chaired by Mohamed bin Zayed,” read the tweet from the official account of Abu Dhabi.

Then Mohamed bin Zayed, in his capacity as chairman of the board of directors of ADNOC, issued a resolution to form the executive committee of the board of directors, the Abu Dhabi media office said. The executive committee will be chaired by one of Mohamed bin Zayed’s sons, Khaled bin Mohamed bin Zayed.

ADNOC’s chief executive officer Sultan Al Jaber was also appointed as Managing Director of ADNOC in addition to his CEO role. Al Jaber, together with UAE’s Energy Minister Suhail Al Mazrouei, both sit on ADNOC’s newly-formed board of directors and on the executive committee of the board of directors. 

“This formalizes the crown prince’s role as the head of Adnoc, which had been the case for several years,” Robin Mills, founder and head of Dubai-based consultancy Qamar Energy, told Bloomberg, commenting on the changes at ADNOC, and noting that these also provide an important role for Mohamed bin Zayed’s son.

ADNOC produces nearly all the crude oil in the United Arab Emirates (UAE), which is currently OPEC’s third-largest producer behind Saudi Arabia and Iraq.

By Charles Kennedy for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News