Abu Dhabi National Oil Company

United Arab Emirates energy giant Abu Dhabi National Oil Company (Adnoc) has expressed interest in Cyprus' emerging natural gas sector, the country's energy minister has told Reuters.

The head of the upcoming COP28 climate summit, who also is the chief executive of the UAE's national oil company, has acknowledged that a reduction in the use of fossil fuels is inescapable.

"The phase down of fossil fuels is inevitable," Sultan al-Jaber said on the sidelines of technical climate talks on June 8 six months ahead of the summit.

Abu Dhabi National Oil Company said on March 26 it has awarded two contracts worth $3.5 billion to South Korea's Samsung Engineering to boost output at the largest refinery in the United Arab Emirates.

British oil giant BP secured a 10-percent share in an onshore oil concession in Abu Dhabi on Dec. 17 in a deal worth $2.2 billion, the companies said.

BP signed an agreement with Abu Dhabi National Oil Company (ADNOC) to take a stake in the Abu Dhabi Company for Onshore Petroleum Operations (ADCO) which operates the 40-year concession.