| 27 September 2022, Tuesday |

Adnoc is world’s fastest-growing major oil and gas brand

Abu Dhabi National Oil Company preserved its position as the top brand in the UAE for the fourth year in a row, while its group chief executive Dr Sultan Al Jaber was awarded the world’s top oil and gas executive.

According to Brand Finance, a worldwide consultant that analyses the world’s major brands on an annual basis, Adnoc recorded a “amazing” 19% brand value increase to $12.8 billion, the quickest among the world’s top 10 oil and gas brands.

“Adnoc is one of just a few brands in the category to have its BSI score grow by +2.0 points, demonstrating its exceptional reputation and trust across worldwide investors and stakeholders,” Brand Finance noted.

According to the Abu Dhabi Media Office, he achieved the top spot “by his ongoing adept leadership of Adnoc as a global oil and gas player, while assuring the firm’s sustainable future in a low-carbon economy.”

Adnoc has been led by Dr. Al Jaber since 2016. He has guided the company’s transition into a commercially driven worldwide energy company dedicated to playing a significant role in the low-carbon economy.

“In addition to his job at Adnoc, [Dr Al Jaber] maintains prominent roles inside the UAE government and is a major player in encouraging the diversification and expansion of the UAE economy,” according to the Brand Finance research.

Dr. Al Jaber earned the Energy Executive of the Year Award for 2021 from Energy Intelligence in October. He was the 25th person to receive the honor.

Previous winners include Saudi Aramco President and CEO Amin Nasser, Royal Dutch Shell’s Ben van Beurden, BP’s Bob Dudley, Total’s Patrick Pouyanné, Khalid Al Falih, currently Saudi Arabia’s Minister of Investment, and Rex Tillerson, former Exxon CEO and US Secretary of State.

Adnoc rose from 163rd to 160th in the overall Brand Finance rating of 500 global brands.

“With an eye toward the future, and in accordance with the UAE leadership’s 2050 net-zero policy, Adnoc is likewise embracing the energy transition through many strategic projects,” according to the study.

Adnoc and Taqa joined Mubadala Investment Company last year to become shareholders in Masdar, helping to boost the clean energy company’s renewable electricity capacity to more than 50 gigatonnes by 2030. The agreement will aid in the development of a “global champion in renewables and green hydrogen.”

Adnoc also intends to enhance its national reserves by four billion stock tank barrels of oil and 16 trillion standard cubic feet of natural gas, as well as spend $127 billion on major projects to expand its upstream production capacity and downstream portfolio.

  • The National News