Abu Dhabi National Oil Company (ADNOC) plans to invest $45 billion over the next five years to expand its refining and petrochemicals operations, it said on Sunday.
Striving to become a global player in the downstream sector, the state oil giant wants to double its refining capacity and triple petrochemicals output potential by 2025 as it looks to capture new growth markets, ADNOC’s Chief Executive Sultan al-Jaber told Reuters on Saturday.
On Sunday al-Jaber presented ADNOC’s downstream expansion strategy at an industry conference in Abu Dhabi, alongside CEOs of oil majors such as BP, Total and Eni, which have secured long-term oil production deals in the United Arab Emirates, a key Gulf OPEC member.
The centrepiece of ADNOC’s strategy is the Ruwais industrial complex, which ADNOC wants to turn into the largest integrated refining and petrochemicals complex in the world, al-Jaber said at the conference. Read More