Adnoc Distribution, the retail subsidiary of Abu Dhabi National Oil Company (Adnoc), is searching for a chief investment officer to lead its international expansion efforts. The move comes as the UAE’s largest oil firm intensifies its global presence in the energy and chemicals sectors.
The previous CIO, Tanveer Rahman, left the company in February after less than two years in the role. Currently, Chief Financial Officer Wayne Beifus is handling the CIO responsibilities on an interim basis.
Adnoc Distribution confirmed that it is actively pursuing new markets in regions such as Africa and Asia, as part of its strategy to boost international growth. The company operates 847 service stations across the UAE, Egypt, and Saudi Arabia, and is focused on value-accretive transactions during this period.
The broader Adnoc group has been utilizing a $150 billion budget to explore deals in chemicals and natural gas, including a $12.5 billion bid for German chemical maker Covestro AG. The company also secured liquefied natural gas supply agreements and potential equity stakes in U.S. export terminals.
Adnoc Distribution’s shares have declined by 7.6% this year, currently trading at 3.42 dirhams, with a market value of 43 billion dirhams ($11.6 billion). Despite this, the company recently reported higher quarterly earnings due to increased fuel volumes and pump prices.
The company continues to seek growth opportunities, having acquired part of TotalEnergies SE’s fuel-distribution business in Egypt in 2022 and exploring additional deals in various markets.
