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Adnoc

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ADNOC Chief Calls Hormuz Attacks Economic Terrorism Threatening Global Oil
world18 days ago

ADNOC Chief Calls Hormuz Attacks Economic Terrorism Threatening Global Oil

ADNOC CEO Sultan Al Jaber denounces Iran’s attacks on shipping in the Strait of Hormuz as ‘economic terrorism’ that hostage-holds the world, noting hundreds of missiles and more than 1,700 drones launched at the UAE since the conflict began and eight deaths with 161 injuries; with about 20% of global oil and LNG passing Hormuz, he says the key to stability is keeping the strait open, while several oil majors canceled in-person appearances at CERAWeek due to the war.

via CNBC|
#adnoc#economic-terrorism#iran
"Oil Giant's Staggering $1 Billion Monthly Investment in Fossil Fuels Exposed by Global Witness"
energy2 years ago

"Oil Giant's Staggering $1 Billion Monthly Investment in Fossil Fuels Exposed by Global Witness"

Abu Dhabi National Oil Company (ADNOC), led by the president of the COP28 climate conference, is projected to spend over $1 billion per month on fossil fuels this decade, according to analysis by Global Witness. This amount is nearly seven times higher than its commitment to decarbonization projects. ADNOC disputes the analysis, stating that the assumptions made are inaccurate. The findings come ahead of the COP28 climate summit, where global leaders will discuss progress in the fight against the climate crisis. Critics argue that the dual role of ADNOC's CEO as the president of COP28 raises concerns about conflicts of interest.

via CNBC|
#adnoc#climate-crisis#cop28
UAE Oil Giant Acknowledges Inevitability of Fossil Fuel Phasedown at COP28
energy2 years ago

UAE Oil Giant Acknowledges Inevitability of Fossil Fuel Phasedown at COP28

The head of UAE's state-run oil giant, ADNOC, and incoming COP28 President, Sultan bin Ahmed Al Jaber, said that a phasedown of fossil fuels is inevitable, but the speed at which it happens depends on how quickly zero-carbon alternatives can be phased up while ensuring energy security, accessibility, and affordability. Despite this, ADNOC still aims to meet the UAE Net Zero by 2050 Strategic Initiative and increase crude oil output to 5 million bpd by 2030. There were concerns about a conflict of interest when Al Jaber was appointed as COP28 President, but a spokesperson defended his appointment, citing his experience in climate action.

via OilPrice.com|
#adnoc#cop28#energy