Abu Dhabi state petroleum firm Adnoc launched its ambitious 2030 strategy in November 2016. One year on, its recent foray into international debt markets underscores its commitment.

The first year was all about restructuring, and it completed a major streamlining process last month in which numerous subsidiaries were merged (MEES, 20 October).

The firm is now embarking on the next step and is conducting a major overhaul of its capital funding arrangements. Adnoc announced on 7 November...