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Adnoc revises policies to boost relations with private players

Adnoc on Thursday said it has revised its procurement policies system in its bid to strengthen the company's private sector partnerships and support the growth of the Abu Dhabi economy.
Accordingly, vendors will be provided a single entry for registration and prequalification for tenders. Repetitive tendering for the same goods and services has been eliminated.
Also, Adnoc has standardised contract terms and conditions, streamlining the negotiation process, and simplified contract requirements.
Along with a centralised commercial directory and transparent key performance indicators, these changes are part of the company's strategic goal of ensuring fair competition among vendors.
Thus, the overhauled procurement system will deliver a more efficient and effective process.
UAE Minister of State and Adnoc Group CEO Dr Sultan Ahmed Al Jaber said the changes will make it easier to do business.
"The improvements we are introducing to our procurement will ensure it's easier for everyone to do business with us, by making the whole process faster and more efficient, while at the same time maximising value for Adnoc," Jaber said at the Adnoc Private Sector Forum held in association with the Abu Dhabi Chamber during the Abu Dhabi International Petroleum Exhibition and Conference.
"Abu Dhabi's private sector will play a fundamental role in helping deliver Adnoc's 2030 strategy and five-year business plan. Together, we must develop a win-win partnership model that is performance based and that will maximise the economic impact from Adnoc's growth plans," Jaber said.
These efforts are being initiated as the company seeks to strengthen its partnerships with suppliers and local businesses.
Mohamed Thani Murshed Al Rumaithi, president of the Federation of UAE Chambers of Commerce and Industry and chairman of the Abu Dhabi Chamber of Commerce and Industry stressed the importance of private sector companies partnering with Adnoc, which he described as one of the most important drivers for economic acceleration in the Emirate of Abu Dhabi and the UAE. "At the Abu Dhabi Chamber, we view this forum as an excellent opportunity to introduce private sector companies and businesses to the projects and opportunities being offered by Adnoc, and to enhance the private sector's contribution to the execution of services and developmental projects in Abu Dhabi," he said.
The forum, held under the theme of 'Strengthening Cooperation With Our Private Sector Partners', had in attendance as many as 600 of Adnoc's SME, oil and gas, exploration and production, construction and infrastructure suppliers and partners.
EOR, ERD
Adnoc on Thursday said it will expand its use of Enhanced Oil Recovery (EOR) and Extended Reach Drilling (ERD) technologies in its bid to maximise the value of its resources.
Adnoc intends to expedite the development of its hydrocarbon resources, and enhance recovery from the large number of smaller and more complex structures within its reserve base. Through partner research projects and technological implementation, Adnoc aims to enhance recovery from these reserves.
Invest now
UAE Energy Minister Suhail bin Mohammed Faraj Al Mazroui, said the oil companies that invest now during the dip in prices will benefit the most when supply-demand balance is restored. The long-term demand for oil outstripped supply and that for companies with strong balance sheets and a long-term view now was the time to invest, not to withdraw, he said on the sidelines of a discussion on the UAE's future energy vision at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec). "The oil industry is inherently cyclical - this is a basic point that often gets overlooked in the short-term noise - and finding equilibrium between supply and demand is almost impossible," he said.
- ashwani@khaleejtimes.com