eseoulpost
BusinessWorld Business
Healthy global economy pushing up energy demand: ADNOC CEO
min  |  min
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
승인 2018.01.13  
트위터 페이스북 미투데이 요즘 네이버 구글 msn
   

ABU DHABI, 12th January, 2018 (WAM) -- Forecast growth in the global economy, especially in non-OECD countries, will push up energy demand to levels that no single source of energy can meet, according to Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State, CEO of Abu Dhabi National Oil Company (ADNOC).

Speaking Friday at the second Atlantic Council Global Energy Forum, in Abu Dhabi, Dr. Al Jaber said the global energy industry’s fundamental mission remains to ensure security of supply in a world in which market dynamics are shifting and energy consumption is set to expand by 25 percent by 2040.

"Today, as we convene this year’s Forum, we are encouraged by a global economy that is the healthiest it has been in the last decade," Dr. Al Jaber said. "This economic growth will continue to drive energy consumption, which will expand by at least 25 percent by 2040 – to a level no single source can meet. So, as we diversify the energy mix, hydrocarbons will continue to play a vital role in meeting demand. In fact, by the end of this year, global demand for oil alone is set to break the threshold of 100 million barrels per day."

In response to the changes in the energy market, Dr. Al Jaber said, ADNOC is creating new strategies, rethinking its business models and enhancing its performance. By pivoting towards new, smart growth, unlocking and maximizing value and optimizing its capital structure, the company is redefining the rule book for how an NOC operates.

ADNOC’s 2030 strategy, he said, aims to capitalize on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

A major part of ADNOC’s growth strategy is the creation of the largest, integrated, refining and chemicals site in the world, in the UAE, to enable it to increase crude refining capacity by 60 percent and more than triple its petrochemical production. When the expansion project is completed, ADNOC will convert 20 percent of its crude to chemicals, diversifying its range of higher value products to provide a natural hedge to oil price movements. ADNOC has also announced plans to expand gas production, to meet the UAE’s growing domestic needs, by accessing undeveloped tight reservoirs, tap into its gas caps and expand sour gas production.

Dr. Al Jaber said as the pace of innovation accelerates, the energy sector must become more flexible, nimble and responsive and engage with non-traditional partners, beyond the industry, to deliver creative solutions to meet the world’s growing energy needs.

"Fortunately, we are entering an era where technology has the potential to keep us ahead of the curve. Artificial Intelligence has already begun to transform industries as diverse as manufacturing, retail and finance. Now, it is being applied to the energy sector, where the possible benefits include minimising disruptions, balancing supply and demand and optimizing costs."

Highlighting the role AI and Big Data are playing in ADNOC’s ongoing transformation, Dr Al Jaber said the oil and gas producer is exploring how AI can help enhance efficiencies, make the organisation more agile and drive higher performance, while also leveraging predictive data, as a commodity of limitless value to enhance visibility into its operations, above and below ground.

The two-day Atlantic Council Global Energy Forum is being held in partnership with the Ministry of Energy, Abu Dhabi National Oil Company, Mubadala, IPIC and Masdar. It has brought together over 350 leading energy voices from the region and around the world.

The forum was established in 2017, as part of Abu Dhabi Sustainability Week, preceding key events including the International Renewable Energy Agency’s Annual Assembly and the World Future Energy Summit. It will help set the 2018 energy agenda, strengthen understanding of energy markets, encourage breakthrough technologies and foster sustainable development.

"In the short time since its inception, the Atlantic Council Global Energy Forum has served to identify critical trends, convene key stakeholders and establish itself as an important gathering for the global energy conversation. It is an ideal platform for bringing together the right partners, engaging in meaningful discussion and activating real progress." Dr. Al Jaber said.

The Atlantic Council is a Washington DC based think tank. It promotes constructive leadership and engagement in international affairs and provides a forum for navigating the economic and political changes defining the 21st century by informing and galvanising its influential network of global leaders, with the aim of creating a more secure and prosperous world.

< 저작권자 © eseoulpost 무단전재 및 재배포금지 >
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
트위터 페이스북 미투데이 요즘 네이버 구글 msn 뒤로가기 위로가기
이 기사에 대한 댓글 이야기 (0)
자동등록방지용 코드를 입력하세요!   
확인
- 200자까지 쓰실 수 있습니다. (현재 0 byte / 최대 400byte)
- 욕설등 인신공격성 글은 삭제 합니다. [운영원칙]
이 기사에 대한 댓글 이야기 (0)
Most Read
1
Goyang citizens join special event wishing big success of PyeongChang 2018 Winter Olympic Games
2
Korea image event successfully staged in Seoul on Jan. 16 with Angelina Danilova from Russia
3
Sharjah Ruler establishes Al Medayna Nature Reserve
4
Hwijae Lee named as Secretary General of Indian Chamber of Commerce Korea
5
Palace welcomes higher PH ranking in world's most powerful passports
6
Mohammed bin Rashid launches Marmoom Desert Conservation Reserve
7
Saudi Royal Air Defense Forces intercept, destroy ballistic missile fired towards Jazan
8
Dagupan continues dynamic growth in 2017
9
UAE Armed Forces destroy command and communication centre for Houthi militia
10
Dubai to enhance 'Islamic economy' cooperation with Tatarstan
Photo News Green Biz
DEWA organises workshop for 3rd Carbon Ambassadors Programme
DEWA organises workshop for 3rd Ca...
min
ADFD, IRENA open new round of funding for renewable energy projects in developing countries
ADFD, IRENA open new round of fund...
min
Dubai Municipality gears up for Clean Up The World campaign
Dubai Municipality gears up for Cl...
min
Climate change threatens agricultural trade in Pacific Rim economies, UN agency warns
Climate change threatens agricultu...
min
Environment and Protected Areas Authority in Sharjah highlights importance of protecting endangered species
Environment and Protected Areas Au...
min
Photo News Sports
PyeongChang Forum for Earth and its Citizens
PyeongChang Forum for Earth and it...
min
Yonhap opens photo exhibition in Tokyo to promote PyeongChang Winter Olympics
Yonhap opens photo exhibition in T...
min
Torch for PyeongChang 2018 tours athletes' training center
Torch for PyeongChang 2018 tours a...
min
S. Korea working closely with IOC for N. Korea's participation in PyeongChang Olympics: Cheong Wa Dae
S. Korea working closely with IOC ...
min
Hamdan bin Mohammed ratifies 3rd edition of Sports Events Ranking System
Hamdan bin Mohammed ratifies 3rd e...
min
South defeat North 1-0 in inter-Korean men's football match in Japan
South defeat North 1-0 in inter-Ko...
min
North beat South 1-0 in inter-Korean women's football match in Japan
North beat South 1-0 in inter-Kore...
min
U.S. rejects doubt about participation in PyeongChang Olympics
U.S. rejects doubt about participa...
min
Photo News World
PyeongChang Forum for Earth and its Citizens
PyeongChang Forum for Earth and it...
min
Yonhap opens photo exhibition in Tokyo to promote PyeongChang Winter Olympics
Yonhap opens photo exhibition in T...
min
Torch for PyeongChang 2018 tours athletes' training center
Torch for PyeongChang 2018 tours a...
min
S. Korea working closely with IOC for N. Korea's participation in PyeongChang Olympics: Cheong Wa Dae
S. Korea working closely with IOC ...
min
Hamdan bin Mohammed ratifies 3rd edition of Sports Events Ranking System
Hamdan bin Mohammed ratifies 3rd e...
min
South defeat North 1-0 in inter-Korean men's football match in Japan
South defeat North 1-0 in inter-Ko...
min
North beat South 1-0 in inter-Korean women's football match in Japan
North beat South 1-0 in inter-Kore...
min
U.S. rejects doubt about participation in PyeongChang Olympics
U.S. rejects doubt about participa...
min
Photo News Opinion
Hwijae Lee named as Secretary General of Indian Chamber of Commerce Korea
Hwijae Lee named as Secretary Gene...
min
Alliance-based diplomacy on N. Korea crucial: U.S. senator
Alliance-based diplomacy on N. Kor...
min
Four newborns died of blood poisoning: police
Four newborns died of blood poison...
min
Shin Kori-3 reactor operates without shutdown in first year
Shin Kori-3 reactor operates witho...
min
Prosecutors raid auto parts maker linked to ex-president over suspected slush fund
Prosecutors raid auto parts maker ...
min
President reaffirms resolve to denuclearize N. Korea
President reaffirms resolve to den...
min
President urges efforts to finalize constitutional revision by June
President urges efforts to finaliz...
min
Park faces new charges for taking bribes from NIS
Park faces new charges for taking ...
min
Newspaper AboutNews ReportAdvertiseComplaintsPrivacy PolicyJuvenile protectionRejection of E-mail Collection
Gangnam-gu, Teheran 52 street in Tehran Bldg, 616(Yeoksam-dong)  |  Main Phone: 02) 563-0604  |  Fax: 02) 538-5665
Chairman : jeong-woo Lee  |  Advisor : byung-il Min  |  Publisher: jae-mo Kah  |  Editors: il-hong Kim
Registration Number 1928 Seoul ah  |  eseoulpost.com / eseoulpost.net / Global Korea.,Ltd
Copyright © 2011 eseoulpost. All rights reserved. mail to jaemokah@daum.com , kih10kr@empas.com/ www.globalkorea.info
arabafrica.net / UAE Interract / Emirtes News Agency(WAM)/ http://wam.org.ae / www.uaeinteract.com