The Abu Dhabi National Oil Company (Adnoc) has started talks with potential Asian partners on new partnership and co-investment opportunities and active management of its portfolio of assets, said a report.
Adnoc’s new initiative builds on its flexible operating model and its 2030 growth strategy.
It will enable the company to unlock and maximize significant value from across the group, ensure competitiveness, drive business and revenue growth, enhance performance, and secure greater access for its products in key growth markets, it said.
This new approach also comes at a time when global economic growth and energy demand is shifting East.
Adnoc has existing partnerships with a number of Chinese and Japanese companies across its upstream, midstream and downstream businesses.
These shifting trends sit alongside a rapid increase in Asian demand for products derived from hydrocarbons - namely petrochemicals, plastics and polymers - which is expected to more than double in the next 25 years.
Following the launch of the new initiative, Dr Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of Adnoc last week met both potential and existing partners in China and Japan.
These discussions focused on the new partnership and co-investment opportunities created through Adnoc’s new approach, as well as the deepening of UAE bilateral relations with both countries, said the report.
The region is also home to considerable investment, financing and banking expertise that Adnoc will seek to leverage as part of its new partnership model.
Adnoc is therefore increasingly focused on building and developing long-term partnerships with both new and existing counter parties in China and Japan, as well as across the fast-growing Asia region.
Dr Al Jaber said: "Chinese and Japanese companies have been amongst our most important and longest-standing partners and Asia represents tremendous growth opportunities for Adnoc."
"We are therefore seeking partners to co-invest across the different parts of our value chain and who will bring operational expertise and technology, as well as the ability to secure greater access to these fast-growing markets," he added.