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The Abu Dhabi National Oil Company (Adnoc) is to establish an international investment arm, Adnoc International Ltd. The emirate’s president has approved new legislation establishing the company. While Adnoc has not previously operated an overseas investment arm, Abu Dhabi has no shortage of state energy firms looking to invest overseas.
The new entity will have capitalization of $1bn and be wholly-owned by Adnoc. It is planned to have operational independence but in reality its board will probably feature a number of senior Adnoc figures.
Three pre-existing state bodies provide the same service; Mubadala Petroleum, International Petroleum Investment Company (IPIC) and the partially-privatized Abu Dhabi National Energy Company (TAQA). The lines between the three have become increasingly blurred in recent years. Moreover, links between Adnoc and Mubadala Petroleum have grown stronger. Minister of Energy Suhail al-Mazru’i served for several years at Mubadala Petroleum and remains chairman (MEES, 18 December 2015).
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