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Adnoc opens up

The company now faces a group-wide transformation

John Carey was hired by the UAE's state oil firm Adnoc last September to spearhead the initial public offering (IPO) of its retail unit and help revise its business model. Today, he sees the company on the cusp of huge changes in how it operates and manages its portfolio. "I came into the company as much to lead a transformation as I came in for the listing," Carey, deputy chief executive of Adnoc Distribution, told Petroleum Economist in an interview. "The reason for the IPO in the first place was that Adnoc decided they needed to be much more active with the management of their portfolio and therefore they saw the need for transformation across the organisation." The deal, which raised $

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