ADNOC Group CEO wins ‘New Silk Road CEO of the Year Award’

ADNOC Group CEO wins ‘New Silk Road CEO of the Year Award’
Published: 1 October 2019 - 5 a.m.
By: Martin Menachery
Dr Sultan Ahmed Al Jaber, UAE minister of state and group CEO of ADNOC, was honoured with the ‘New Silk Road CEO of the Year Award’ for his outstanding contribution to enabling the flow of energy across the fast-growing economies of Asia.

The award was presented to him by HH Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, Crown Prince of Fujairah, at the 9th GI Energy Markets Forum, held in Fujairah. The event was held under the patronage of HH Sheikh Hamad bin Mohammed Al Sharqi, Member of the Supreme Council and Ruler of Fujairah.

The award noted ADNOC’s transformation as it prepares to cater to the world’s growing energy demand. ADNOC’s transformation is centred on minimising costs, driving efficiencies, maximising margins, expanding its strategic partnerships and embedding the latest technologies across its full value chain as it nurtures the national oil company of the future.

The New Silk Road CEO Awards celebrate the pioneering industry leaders who are spearheading the transformation of energy trading across Asia. The New Silk Road consists of over 60 countries along the ancient trading routes that connected China with Europe and Africa.

In receiving the award, Dr Al Jaber said: “It is a great honour to receive the ‘New Silk Road CEO of the Year Award’. This award recognises ADNOC’s transformation under the wise guidance of our leadership. It is a testament to the hard work and dedication of all our employees, and it validates our progress as a performance-led and commercially driven organisation.

“The New Silk Road is reshaping the flow of global trade. By 2040, countries east of the United Arab Emirates will account for over two-thirds of global GDP, becoming the world’s most significant drivers of energy demand. ADNOC is leveraging the UAE’s unique geographic location at the gateway to this region, and Fujairah is a critical enabler of this strategy. Fujairah’s expanding storage capacity provides a flexible response to shifting market dynamics and gives greater assurance in a complex energy landscape.”

“Fujairah is also a key partner for ADNOC’s growing ambitions in global energy trading. Alongside international partners, we are creating a world-class storage and trading capability, with important components based here in Fujairah. This capability will bring us closer to our customers. It will help us capitalise on new market growth around the world, and it will capture trading value throughout our entire supply chain.”

ADNOC will remain focused on becoming a truly diversified, commercial and reliable supplier of energy to our global customer base. By expanding trade with countries along the New Silk Road, we will drive growth and prosperity, and, working together with our partners here in Fujairah and throughout the world, we will build an energy bridge to the future.

Following the award ceremony, Dr Al Jaber visited the Fujairah storage terminal of VTTI, in which ADNOC acquired a 10% equity stake last August. The acquisition complements the development of ADNOC’s integrated global trading platform and provides ADNOC access to some of its key export markets such as Asia, Africa and Europe.

VTTI is an independent global owner of 15 hydrocarbon storage terminals across 14 different countries, and its storage network holds around 60 million barrels of combined storage capacity.

Since Dr Al Jaber became Group CEO of ADNOC over three years ago, ADNOC has significantly expanded its strategic partnership and co-investment base across its full value chain. The company is also more proactively managing its portfolio of assets and deployment of capital to unlock greater value from its resources as it delivers its 2030 smart growth strategy.

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