Abu Dhabi – Mubasher: The Abu Dhabi National Oil Company (ADNOC) on Wednesday stated that it has launched the implementation phase of its new In-Country Value (ICV) strategy.
The ICV strategy is aimed at increasing the company’s In-Country Value contribution and promoting its relationship with the UAE’s private sector, the UAE-based company said in a statement, giving no further details on the value of the programme.
ADNOC stressed that all its business partnerships now include an ICV assessment within the tender evaluation and award process.
“ADNOC’s AED 400 billion capital spend across its entire value chain over the next five years will create multiple opportunities for local companies to grow alongside ADNOC,” the state-owned firm commented.
Furthermore, the ICV strategy seeks to stimulate private sector partnerships, catalyse socio-economic development, and improve knowledge transfer, along with driving GDP growth, ADNOC revealed.
“As one of the backbones of the UAE and Abu Dhabi economies, ADNOC provides the stimulus for economic growth, supports GDP diversification and drives employment," ADNOC Group's CEO Sultan Ahmed Al Jaber concluded.
