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February 21, 2018 - Contax Partners’ Energy Feed

ADNOC Implements In-Country Value Program in Support of UAE’s Private Sector | ADNOC awards Cepsa 20% stake in offshore concessionNovatek signs MoU with Aramco

 

ADNOC Implements In-Country Value Program in Support of UAE’s Private Sector

ADNOC has launched the implementation phase of its In-Country Value (ICV) strategy. This program is aimed at increasing the company’s ICV contribution and strengthening its relationship with the country's private sector. All business partnerships with ADNOC now include an ICV assessment as part of the tender evaluation and award process. The criteria which will be used to assess suppliers’ ICV contribution include: Goods and services sourced locally, Employment and development opportunities for Emiratis, In country spend of subcontractors, Supplier’s investment in the UAE and Expat contribution in the UAE.
As part of this strategy, ADNOC will carry out several initiatives which include:
1) Identifying strategic suppliers and collaborating with them to develop their long-term ICV strategies
2) Identifying appropriate categories for which only local small and medium companies will be invited to take part in the tender process
3) Providing high-level visibility of ADNOC’s future spend to incentivize and encourage supplier to enhance their investment in the UAE
4) Facilitating focused training programs for Emiratis to increase the employability of local workforce

ADNOC awards Cepsa 20% stake in offshore concession

ADNOC has awarded Spanish Energy firm Cepsa a 20% stake in its offshore concession for USD 1.5bn. Cepsa, owned by Mubadala Investment Company, signed a 40year concession agreement to operate Adnoc Offshore's SARB and Umm Lulu oil fields. Dr Sultan Al Jaber, UAE state minister and CEO of Adnoc, stated that ADNOC is also working with Cepsa to explore expansion opportunities in their downstream business - in the UAE and overseas.

Novatek signs MoU with Aramco

Russian firm Novatek has signed an MoU with Saudi Aramco for collaborating on international natural gas projects. According to the agreement, both parties will collaborate on projects including LNG supplies, development of LNG markets, as well as gas exploration and production projects. Novatek, one of the largest independent natural gas producers in Russia, is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons.

 

 

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