Finance
ADNOC Commits $55 Billion to New Projects to Expand Energy Capacity by 2028
The Abu Dhabi energy major will deploy AED 202 billion toward infrastructure, domestic industry, and low-carbon tech over the next four years.
Abu Dhabi National Oil Company (ADNOC) has announced a $55 billion (AED 202 billion) investment program for new projects scheduled for delivery by 2028. The capital allocation focuses on expanding the UAE’s energy infrastructure, domestic manufacturing, and decarbonization technologies. Capital Allocation and Domestic Growth The multibillion-dollar commitment is part of a broader strategy to boost the UAE’s industrial base. ADNOC confirmed that a significant portion of this spending will be directed through its In-Country Value (ICV) program, aiming to redirect funds back into the local economy. This follows recent board approval for a five-year capital expenditure plan totaling $150 billion to accelerate production capacity growth. The 2028 roadmap includes the development of the Habshan carbon capture, utilization, and storage project, which seeks to triple ADNOC's carbon capture capacity to 10 million tonnes per annum. Additionally, the company is advancing the Ruwais LNG venture, targeting two 4.8 million tonnes per annum liquefaction trains to meet rising global demand for natural gas. Energy Transition and Production Targets While maintaining its goal to reach an oil…