The UAE’s economic success has been supported by the transition of the Abu Dhabi National Oil Company into an efficient and innovative energy company, Sheikh Mohamed bin Zayed said on Monday.

The Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces congratulated Adnoc after his chief executive and the group’s chief executive, Dr Sultan Al Jaber, accepted a prestigious industry award on Monday.

“Adnoc continues to drive innovation and efficiency in the energy sector and remains an essential pillar of our country’s economic success,” said Cheikh Mohamed.

The pioneering efforts of UAE leaders to diversify their economy in the face of energy transition and climate change have gained global recognition, said Dr Al Jaber as he officially received the Energy Executive of the Year award for 2021 from Energy Intelligence at an event organized online.

Energy Intelligence is a leading research and information company. Dr Al Jaber is the 25th recipient of the award. Previous winners include Amin Nasser from Saudi Aramco, Ben van Beurden from Royal Dutch Shell, Bob Dudley, then BP, Patrick Pouyanne from Total, Khalid Al Falih, now Saudi Minister of Investment, and Rex Tillerson, former CEO of Exxon and US Secretary. of state.

In his acceptance speech, Dr Al Jaber, who is also Minister of Industry and Advanced Technologies, referred to the role played by Sheikh Mohamed bin Zayed.

“He has enabled everything I have accomplished so far, both in Adnoc and beyond Adnoc. He challenged me to push the limits of what is possible. He inspired me with his wisdom and guidance. And when times were tough, his support was unwavering. “

Dr Al Jaber also highlighted how Sheikh Mohamed played a pivotal role in putting the UAE “ahead of the curve”.

The United Arab Emirates, which has the world’s sixth-largest reserves of oil and gas, has invested in alternative energy sources, including the Al Barakah nuclear reactor, the development of hydrogen as a fuel, and the increase in power generation. renewable resource capacity.

By 2050, it aims to double the contribution of clean energies to its electricity mix to 50%. The country’s economy is also changing, with artificial intelligence and other technologies being used to help diversify it away from dependence on oil exports.

Dr Al Jaber highlighted the changing face of the energy industry and “as the world continues to recover from the Covid-19 pandemic … the role of the energy officer is today more complex than ‘he never was’.

Climate action and emerging technologies are “rebalancing the energy mix and… disrupting established business models”.

“We must be agile to ensure the sustainability of our businesses. We must continue to make basic investments to meet the growing demand, ”he said.

Dr Al Jaber also noted the country’s achievements in renewable energy over the past 15 years, including through the Abu Dhabi clean energy company Masdar.

“The UAE has three of the largest and cheapest solar power plants in the world, while our wind and solar portfolio has grown to 13 gigawatts… in more than 30 countries… on five continents,” he said .

Since 2016, Dr Al Jaber has been at the helm of Adnoc, leading its transformation from a traditional national oil company into a more trade-oriented international energy group.

Future opportunities will be “guided by the energy transition,” he said.

It is “the driving force behind Adnoc’s investment in new zero-carbon energies such as hydrogen. Opportunity shapes the business case for our carbon capture technologies. And the opportunity creates a premium for the world’s most carbon-efficient barrels.

“At the same time… let’s remember that the energy transition is exactly that – a transition that will require a mix of energies that we provide.”

“And by providing the world with sustainable energy, we will maintain our place in the energy world,” he said.

Dr Al Jaber also spoke about the UAE Jubilee and the government’s 50 Principles which chart the economic, political and development roadmap for the next five decades of prosperity.

“A key pillar is ‘building partnerships across the world’… While this award is a great compliment to the leadership of the UAE, to my colleagues and to myself, it is truly the result of a partnership. effective across the industry and across the world, ”he said.

Adnoc’s agreements and partnerships have helped attract more than $ 64.5 billion (236.7 billion dirhams) in foreign direct investment to the United Arab Emirates over the past five years.

In his acceptance speech, Dr Al Jaber retraced his career, giving Founding Father Sheikh Zayed credit for providing him and all Emiratis with opportunities.

“From an early age, I always wanted to be an engineer and it was my dream to work at Adnoc,” he said.

Dr Al Jaber said he also owed “a lot to my family, who have been with me, and there for me, through everything”.

His father pushed him “to work hard and never give anything less than all I had to give. Most of all, he taught me to always show my love for my country through my actions and by giving back. “.

“These values ​​have guided me every day, at every step. And if there is one thing that I want to give back to my country today, it is to pass on to my children and to the next generation of Emiratis. the most important lessons I have learned. have learned. That good work is hard and hard work is good. And that you can forget that you are tired if you never forget that you have an impact, ”he said. he declared.

Dr Al Jaber thanked his colleagues in the energy industry.

“You have given me insight, support and advice at key times … It’s a prize built on the work of many. It’s proof that we are successful together, in partnership.”

He also thanked Energy Intelligence for the award and for helping “to deepen our understanding of the energy industry”.

Updated: October 4, 2021, 5:44 PM