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Abu Dhabi National Oil Company (ADNOC) is pursuing $50 billion worth of deals to expand on international markets and has hired a top team of deal-makers to help with the plan, the Financial Times reported on Wednesday, quoting sources familiar with the company’s structure.
ADNOC has assembled a team of around 50 specialists in deal-making in a division described as an “internal investment bank” and run by former senior Morgan Stanley executive Klaus Froehlich, according to FT’s sources.
ADNOC has already started acquisitions abroad.
Just last week, the company pumping most of the oil in the United Arab Emirates (UAE) said it would buy 30% in the Absheron gas field in the Caspian Sea in Azerbaijan by acquiring stakes from the current partners in the field, TotalEnergies and SOCAR.
After completion of the transaction, subject to the approval by the relevant authorities, TotalEnergies and SOCAR will each own 35% in Absheron, and ADNOC will have 30% in the gas and condensate field, where first gas was achieved last month. Financial details of the transaction are not being disclosed.
ADNOC’s investment in the Caspian region is part of the strategy of the UAE’s state oil and gas giant to expand on international gas markets.
“We believe this strategic partnership with SOCAR and TotalEnergies, unlocks the potential of the Caspian region for decades to come and complements a broader energy collaboration between the UAE and Azerbaijan that will accelerate the growth of the global renewable energy sector as both countries take bold steps to transition towards a lower-carbon future,” Musabbeh Al Kaabi, Executive Director of Low Carbon Solutions and International Growth at ADNOC, said in a statement carried by the Emirates News Agency, WAM.
ADNOC has also recently brought forward its target for net-zero emissions to 2045, from a previous target of 2050, becoming the first oil company in its peer group to commit to net zero in 2045.
By Tsvetana Paraskova for Oilprice.com
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.