ADNOC strategy anchored around gas, executive says
DUBAI, Feb 19 (Reuters) - A top executive of state-owned Abu Dhabi National Oil Company (ADNOC) on Monday said the company's strategy was anchored around gas output and that Egypt has been identified as a market with a lot of potential.
Musabbeh Al Kaabi, ADNOC's executive director for low-carbon solutions and international growth, made his remarks at an energy conference in Cairo.
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ADNOC, the UAE's oil giant, has an international growth strategy that is focused on gas, LNG, petrochemicals and renewables.
ADNOC last week said it would form a joint venture with global oil major BP in Egypt, focusing initially on natural gas.
ADNOC is seeking to grow its gas business domestically and abroad and has called natural gas a transition fuel to renewable energy sources. BP aims to reduce its oil and gas output by 25% by 2030 from 2019 levels but continues to invest heavily in fossil fuels.
(Reporting by Yousef Saba and Sarah El SaftyWriting by Maha El DahanEditing by David Goodman and David Evans)