Move is part of reshuffle at top of UAE national oil company
Abu Dhabi National Oil Company (Adnoc) has installed new heads at its gas and petrochemicals division, as part of a wider reshuffle at the top of the state-owned group.
MEED revealed on 12 May that Adnoc had replaced the CEOs of six of its operating companies, including its largest respective crude, gas and petrochemicals producers.
Abdulaziz Abdulla Alhajri has been installed as director of Adnocs refining and petrochemicals division, moving from CEO of the countrys largest chemicals producer Abu Dhabi Polymers Company (Borouge), according to local newspaper The National.
At the same time, Omar Suwaina al-Suwaidi has been appointed as head of the gas division, moving from his role as deputy director of planning and strategy.
Adnocs recently appointed director-general, Sultan al-Jaber, has introduced a new corporate regime that will require executives to meet specific operational and financial targets. The company heads will be required to deliver regular reports on progress against a set of key performance indicators to ensure goals are met on a tight schedule, The National reported, citing Al-Jaber.
Adnoc has been under pressure to cut costs to offset the fall in global oil and gas prices. The company, which is responsible for the vast majority of oil and gas output in the UAE, is aiming to increase crude production capacity to 3.5 million barrels a day (b/d) from a current level of about 3 million b/d.
The reshuffle replaces the heads of six out of Adnocs 18 subsidiaries. The executives of offshore group Zakum Development Company (Zadco), downstream operator Abu Dhabi Refining Company (Takreer) and liquefied natural gas (LNG) exporter Abu Dhabi Gas Liquefaction Company (Adgas) remain unchanged.
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