Sultan Al Jaber to lead Adnoc
By Staff Writer
Feb 18, 2016 04:32 AM EST
Feb 18, 2016 04:32 AM EST
UAE Minister of State Sultan Al Jaber is the new man at the helm of affairs of Abu Dhabi National Oil Company (Adnoc). Al Jaber has assumed the charge as new Director General at a time when the oil industry is facing turbulent conditions. The lower oil prices, oversupply and consumption are the major challenges ahead of Al Jaber.
Abu Dhabi-headquartered Abu Dhabi National Oil Company is one of the biggest oil producers in the world. Al Jaber is innovative and has expertise in the oil industry. Sultan Al Jaber has been appointed as new Director General at Adnoc by Ruler's decree on Monday.
The oil price is hovering at $30 a barrel now from $110 per barrel 18 months ago. Al Jaber has a major responsibility of steering Adnoc towards growth path from the ongoing crisis situation for the oil industry. According to The National, Adel Albuainain, Chief Executive of Dolphin Energy, a part of Mubadala, said: "Al Jaber possesses an incredible amount of experience and expertise, and I can't think of a more suitable person for the role at a time when the country is embracing new challenges."
Replacing Abdullah Nasser Al Suwaidi, Sultan Al Jaber has taken charge as Director General at Adnoc. Al Jaber oversaw the renewal of Emirate's biggest onshore concessions in 2015. Adnoc is planning to produce 3.5 million barrels of oil per day by the end of 2017. The current oil production stands at three million barrels per day.
Gulf Business further says that Adnoc is also engaged in developing natural gas assets. Adnoc is keen on meeting the increasing energy requirements in the domestic market. Al Jaber played a key role in launching Masdar in 2006.
In the present turbulent conditions, oil companies need to change themselves adjusting to the changing environment. Al Jaber's launch of Masdar is a testimony of his capabilities. Now, Masdar is spearheading the renewable energy activity in the world. So far, Masdar delivered over 1 gigawatt of installed clean energy capacity in the UAE.
Adnoc ranks at 12th position among world's biggest oil companies. The UAE government requires delivery in the wake of lower oil prices. UAE is working on the increased crude production and rising power demand. Al Jaber was appointed as Minister of State in the UAE Cabinet in 2013, as reported by Arabian Business.
Ahmad Belhoul, the former chief executive of Masdar and the new Minister of State for Higher Education Affairs, said: "Mr Al Jaber has proven himself to be a trusted, dynamic and successful leader, whether as the chief executive of Mubadala's overall energy portfolio, the driving force behind Masdar or as chairman of the Abu Dhabi Ports company."
Sultan Al Jaber is the Chief Executive of energy at Dolphin Energy, Mubadala. Al Jaber is known for high profile roles in the industry. He is UAE minister of state and Chairman of Abu Dhabi Ports Company. He's graduated from University of Southern California.
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