The biggest oil company in the United Arab Emirates, ADNOC, seeks to expand globally. ADNOC distribution, is looking to hire a chief investment officer as the retail arm.
Parent company Abu Dhabi National Oil Co. has been on a recent push for deals across the energy and chemicals sectors. Owning retail service-station chains abroad can help give state oil companies a boost in entering more markets to supply fuels.
The company confirmed that the previous head of investments had left the company and that Chief Financial Officer Wayne Beifus is covering the role on an interim basis. Therefore the firm seeks to hire someone to lead that push for the listed unit, according to a response the company sent to Bloomberg.
“Adnoc Distribution actively continues its pursuit of value-accretive international expansion,” it said. The company is looking for transactions in areas “including new attractive markets across the region, Africa, and Asia.”
Details from the previous CIO’s LinkedIn profile, show that he the post in February after less than two years in the role, Adnoc Distribution’s investment team will continue to operate as normal during the recruitment process, it said.
Adnoc has been on a mission to expand globally. The firm has been using part of a $150 billion budget to search for deals in chemicals and natural gas. It’s pursuing a $12.5 billion takeover of German chemical maker Covestro AG and has agreed to liquefied natural gas supply from and potential equity stakes in US export terminals.
In 2022, the retail arm purchased part of TotalEnergies SE’s fuel-distribution business in Egypt.
