Abu Dhabi National Oil Company (ADNOC) plans to invest more than $45 billion in downstream operations over the next five years as the company looks to build the world’s largest integrated refining and petrochemicals facility, Sultan Al Jaber, ADNOC Group chief executive said at a conference in Abu Dhabi on Sunday.
“Given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning ADNOC to become a leading global downstream player,” Al Jaber said.
“We will invest significantly in Ruwais and open up attractive partnership and co-investment opportunities along our extended value chain,” he added.
State-owned oil firm already is working to upgrade its Ruwais Industrial Complex, with plans to triple its production of petrochemicals to 14.4 million tonnes annually by 2025.
In February, ADNOC had said it was investing $3.1 billion to upgrade the Ruwais oil refinery to ensure that more crude is available for export from its flagship Murban grade.
“We will collaborate with partners to build on and expand our world class refining assets, increasing their capacity to at least 1.5 million barrels per day,” Al Jaber said.
Meanwhile, ADNOC is also said to be eyeing a stake in the planned $44-billion refinery-cum-petrochemical project in the Indian state of Maharashtra, the Press Trust of India (PTI) reported.
An initial agreement is expected to be signed today, PTI quote official sources as saying.
Saudi Arabia’s national oil firm Saudi Aramco had last month signed an agreement to take up 50 percent stake in the Ratnagiri refinery project.
Comments
{{DisplayName}}
{{ElapsedTime}}