Abu Dhabi National Oil Company (Adnoc) has signed framework agreements worth $1 billion with eight leading international engineering contractors for concept and front-end engineering design projects across the value chain.

The state-owned United Arab Emirates giant said on Monday that the agreements “have a combined scope worth up to $1 billion, with the potential for 50% of the value to flow back into the UAE’s economy" under the company's In-Country Value (ICV) programme.

“The scope of the agreements is based on the forecasted requirement for external project engineering services across the Adnoc group,” it added.