Abu Dhabi National Oil Company

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.