Abu Dhabi: Abu Dhabi National Oil Company (Adnoc) launched a unified brand identity across its group of companies bringing together its subsidiary companies under one common identity to highlight the scale of its business.
The development comes as the group plans an initial public offering (IPO) of minority stakes of some of its services businesses and expands its partnership model to target investment opportunities in the oil and gas sector.
His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces said in a tweet that unifying the Adnoc group of companies under one corporate identity is the right step at the right time that will enable the company to leverage its strengths and reinforce its competitiveness.
“Unity and focus across our companies will strengthen their effectiveness and enable them to play a greater role in our national development. To keep pace with changing times, agile companies must focus on maximising value and investing in people to strengthen performance.”
Adnoc produces about 3 million barrels of oil and 9.8 billion cubic feet of raw gas a day. Its integrated upstream, midstream and downstream activities are carried out by 16 specialist subsidiary and joint venture companies.
Under the new brand identity, Abu Dhabi Company for Onshore Oil Operations (Adco) will be known as Adnoc Onshore, Abu Dhabi Marine Operating Company (Adma-Opco) and Zakum Development Company (Zadco) which are being combined into a new entity by early next year will be known as Adnoc Offshore. National Drilling Company will become Adnoc Drilling, Gasco will be known as Adnoc Gas processing, Takreer as Adnoc Refining, Al Hosn sour gas as Adnoc sour gas among others.
Abu Dhabi National Tanker Company (Adnatco), Petroleum Services Company (Esnaad), and Abu Dhabi Petroleum Ports Operating Company (Irshad) will be named as Adnoc Logistics and Services.
Earlier this year, the group finalised a number of companies that will operate under Adco concession agreement including firms from China, Japan, South Korea, France and Great Britain.
Adnoc is also in advanced discussions with more than a dozen potential partners in awarding an offshore oil concession, currently operated by the Abu Dhabi Marine Operating Company (Adma-Opco), that expires next March.
“We are confident that bringing the Group together, under one brand, will significantly enhance the visibility and positioning of Adnoc at a local, regional and international level,” said Dr Sultan Ahmad Al Jaber, UAE Minister of State and Adnoc Group CEO.