UAE’s ADNOC identifies $19 billion worth of products with local manufacturing potential

ADNOC’s logos are seen at Gastech, the world’s largest exhibition for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai

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DUBAI, June 21 (Reuters) – Abu Dhabi National Oil Company (ADNOC) said on Tuesday it had identified products worth 70 billion dirhams ($19 billion) in its supply pipeline that could be locally made.

Of the total, ADNOC signed deals for local manufacturing opportunities worth 21 billion dirhams ($5.7 billion) with UAE and international companies during the Make it in the Emirates Forum which takes place in Abu Dhabi.

Local opportunities include more than 100 products for use across ADNOC’s value chain as it expands operations to meet growing global energy demand, the company said.

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ADNOC aims to buy these products between 2022 and 2023.

Industry and Advanced Technology Minister Sultan al-Jaber, who is also head of ADNOC, announced at the same forum that domestic companies would allocate 110 billion dirhams ($30 billion) to development deals. purchasing potential for local manufacturers.

Jaber said the move would add at least 6 billion dirhams a year to GDP.

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Reporting by Maha El Dahan and Nadine Awadalla; edited by Jason Neely and Ed Osmond

Our standards: The Thomson Reuters Trust Principles.

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