DUBAI: Abu Dhabi's Supreme Petroleum Council (SPC) has approved the strategy of state-owned oil firm the Abu Dhabi National Oil Co (ADNOC) to spend more than 400 billion dirhams ($108.90 billion), its crown prince said on Monday.
"ADNOC will expand its portfolio through strategic international downstream investments and develop Abu Dhabi's unconventional gas resources -- cementing the UAE's position in the global energy industry," Crown Prince Sheikh Mohammed bin Zayed al-Nahyan said on Twitter after the meeting of the SPC.
ADNOC has embarked on a major shake-up plan to privatise its services businesses, venture into oil trading and expand partnerships with strategic investors, its chief executive Sultan al-Jaber told Reuters in an interview last week.
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