"With the blessing of HH Sheikh Khalifa, the Supreme Petroleum Council approved AED 486 billion [$132bln] in capex to support ADNOC’s [Abu Dhabi National Oil Company's] 5-year growth plans, including its gas strategy to become self-sufficient & a net gas exporter. ADNOC will increase oil production capacity to 5mpbd by 2030," the crown prince said on Twitter.
READ MORE: Oil Market in Good Condition, Inventories Drawdown Stopped — UAE Energy Minister
In September, United Arab Emirates (UAE) Energy Minister Suhail Mazrouei positively evaluated the situation on the oil market, noting an increase in production.
Meanwhile, the UAE-based International Pipeline Construction (IPC) was sanctioned earlier for being owned or controlled by another company already under sanctions, Hesco Engineering.