Abu Dhabi’s oil champion ADNOC bets on global expansion
Reuters
Reuters reported that the United Arab Emirates is refashioning state-owned Abu Dhabi National Oil Company (ADNOC) in the image of an international oil major by stepping up its global expansion and finding new revenue streams to maximise earnings for the Gulf state. Like Gulf neighbours Saudi Arabia and Qatar, the UAE wants to exploit its fossil fuel resources while there is still strong demand for oil and gas and to spend the revenue on diversifying its economy to lessen its dependence on hydrocarbons.
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