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FINANCIAL NEWS
Adnoc Oil Company to invest USD32.6b next year
21 May 2015
(MENAFN) The Abu Dhabi National Oil Company (Adnoc) is set on increasing its investments up to USD32.6 billion next year, as an attempt to increase the firm’s generating capacity, Gulf News reported.
Adnoc wants to increase its oil production to 3.5 million barrels per day (bpd) in 2017 by an expansion strategy that will involve increasing refining capacity to 920,000 bpd, statements read.
Adnoc’s present spending-over-investments allocation stands at USD24.7 billion, according to the chief executive officer of Al Hosn Gas, which is a joint venture between Adnoc and Occidental Petroleum.
“We can go into different industries, and [whatever] industries are there. Oil and gas, real estate, [tourism], we can tap into any of these markets depending on the feasibility of it.” A banking fund official said.
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