ADNOC Eyes $440 Billion U.S. Energy Investment Boost
Sultan al-Jaber, chief of ADNOC, announced plans to increase the UAE state oil company's U.S. energy investments by six times to $440 billion over the next decade, emphasizing the strategic importance of the U.S. market. The move includes significant investments in renewable energy and the largest LNG plant in Texas.
ADNOC, the state oil company of the United Arab Emirates, is set to significantly expand its U.S. energy investments from $73 billion to $440 billion within the next ten years, as announced by its chief, Sultan al-Jaber, on Tuesday.
Addressing attendees at an event in Washington, Jaber highlighted the United States as an 'investment imperative' for ADNOC, citing the nation's strategic importance to their global energy portfolio. The strategy includes expanding renewable energy capacity by 5.5 gigawatts, with projects spanning from coast to coast, as well as investing in the largest liquefied natural gas plant in Texas and various petrochemical operations nationwide.
Spearheading this initiative, the UAE's renewable energy company Masdar has established a new office in Washington, underscoring the emphasis on renewable energy as a cornerstone of the UAE's investment strategy in the U.S. market.
(With inputs from agencies.)
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