- Strengthen local manufacturing
- Five-year $150bn capex plan
- CEO: defining execution phase
Abu Dhabi National Oil Company (Adnoc) is to award AED200 billion ($55 billion) in contracts during the next two years to support its upstream and downstream expansion.
The announcement comes days after the UAE said it would leave the Organization of the Petroleum Exporting Countries (Opec and Opec+) and as oil prices held near multi-year highs.
The state energy company said the contracts would help strengthen local manufacturing and support project delivery under its five-year $150 billion capital expenditure plan. They fall under the oil company’s in-country value programme, which will support the growth of local manufacturers.
“Adnoc is entering a defining execution phase in its strategy, driven by scale, pace and a laser focus on delivery,” managing director and group CEO Dr Sultan Ahmed Al Jaber said in a statement.
Adnoc announced in November 2025 plans to invest $60 billion into the UAE economy through the in-country value programme “Make it in the Emirates” during the next five years.
Since 2018, the oil producer has invested $84 billion in the economy and helped employ 23,000 locals in the private sector.
Make it in the Emirates 2026 will be held in Abu Dhabi from May 4 to 7.
On Monday morning, oil prices eased but remained above $100 despite President Donald Trump saying in a post on Truth Social that the US will try to free up ships stranded in the Strait of Hormuz.
Iran’s Tasnim news agency reported that Tehran had received a US response to its latest peace proposal, which was under review.
Further reading:
Opec+ said on Sunday that it will increase oil output by 188,000 barrels per day in June for seven members, marking the third consecutive monthly rise.
The member countries participating in the increase are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
The UAE also left the Organization of Arab Petroleum Exporting Countries (Oapec), an alliance that does not set production policies for its members.
The association was formed in 1968 to boost cooperation among Arab oil exporters.