2019 RPME Power 50 (No. 3): Dr Sultan Ahmed Al Jaber, group CEO, ADNOC

2019 RPME Power 50 (No. 3): Dr Sultan Ahmed Al Jaber, group CEO, ADNOC
Published: 9 December 2019 - 6 a.m.
By: Martin Menachery
ADNOC made historic decisions in 2019, under the dynamic leadership of Dr Sultan Ahmed Al Jaber, group CEO, and the UAE minister of state. Over the past 12 months, ADNOC has stepped up the pace of its transformation as it delivers its 2030 strategy. This has resulted in several significant achievements. The company struck a strategic equity partnership with Eni and OMV in its refining business and established a trading joint venture; concluded a landmark midstream pipeline infrastructure partnership with KKR, BlackRock, the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) and Singapore’s sovereign wealth fund, GIC, unlocking almost $5bn in value; and successfully concluded Abu Dhabi’s debut competitive exploration block bid round and launched a second bid round.

In addition, ADNOC awarded LUKOIL a stake in the Ghasha ultra-sour gas concession, marking the first time a Russian company has joined an ADNOC concession; partnered with OCI to form a joint venture fertiliser company, creating the world’s largest exporter of nitrogen fertiliser; and acquired a 10% stake in VTTI, the global storage terminal owner and operator.

Also, the company was assigned the highest credit rating for any oil and gas company in the world by Fitch Ratings and was named the Most Valuable Brand in the Middle East by Brand Finance.

As ADNOC marked these achievements, it continued to drive its digital transformation and embed advanced technologies such as AI, big data and blockchain across its business to enhance operational efficiency, drive profitability and unlock new value from its assets and resources.

Guided by its strategic pillars of People, Performance, Profitability, and Efficiency, ADNOC is creating a dynamic corporate culture that optimises resources, maximises value and incubates and develops world-class talent.

Dr Al Jaber was appointed the director general of ADNOC on 15 February 2016, and was later named the CEO of the company. After his appointment, Dr Al Jaber, launched a plan to modernise ADNOC and make its operations more profitable.

As CEO, Dr Al Jaber has overseen a revision of the company’s partnership approach, investment strategy and capital structure, and consolidated the various operating units under a single unified brand.

With a production capacity of around three million barrels per day, the ADNOC Group is one of the world’s leading oil and gas companies. The group manages 95% of the UAE’s proven oil reserves and 92% of the country’s gas reserves.

Dr Al Jaber ‎was appointed as minister of state in March 2013 and was tasked with various strategic portfolios in economy, politics, development, media, energy, infrastructure and sustainability, in order to promote the UAE’s reputation regionally and globally.

As well as his ministerial responsibilities, Dr Al Jaber supervises ADNOC’s performance development and efficiency enhancement strategies to consolidate the UAE's place in the field of energy.

Dr Al Jaber started his career at ADNOC and then moved to Mubadala Development Company. In 2006, he was assigned to establish the Abu Dhabi Future Energy Company – Masdar – where he served as its CEO. In 2009, he headed Masdar's participation in the UAE's successful bid to host the headquarters of the International Renewable Energy Agency (IRENA) in Abu Dhabi.

Dr Al Jaber has expert knowledge of the economics of energy and a career that has cut across the entire value chain, including, oil, gas, and renewable energy. Dr Al Jaber holds a PhD in business and economics from the UK, as well as an MBA in project management and a BSc in petroleum and chemical engineering from the US.

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