The Abu Dhabi National Oil Company (ADNOC) today unveiled plans to invest US$45billion alongside partners, over the next five years, to become a leading global downstream player. The plans were unveiled at theADNOC Downstream Investment Forum, which took place today in Abu Dhabi, UAE. The event brought together more than 40 CEOs and 800 senior business leaders from the global oil and gas, energy, petrochemical and finance industries, as well as many other sectors.
Building on the existing strengths and competitive advantages of the Ruwais Industrial Complex, ADNOC will create the world’s largest and most advanced integrated refining and petrochemicals complex,increasingthe range and volume of its high-value downstream products, securing better access to growth markets around the world, and creating a manufacturing ecosystem in Ruwais. ADNOC’s new strategy is expected to create more than 15,000 jobs and contribute 1% to UAE GDP growth.
H.E. Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said: “Given the projected increase in demand for petrochemicals and higher-value refined products, we are repositioningADNOCto become a leading global downstream player. We will invest significantly in Ruwais and open up attractive partnership and co-investment opportunities along our extended value chainto create a powerful new downstream engine and springboard for growth that will benefit our country, our company and our partners.”
“Importantly, the expansion plans for Ruwais will also support Abu Dhabi and the UAE’s economic development and diversification, create high-skilled jobs and enhance the country’s status as a globally attractive destination for energy investments,” he added.
ADNOCwill again welcomelong-termpartners who bring operational expertise, technology, financial acumen and the ability to develop and open new markets. In return, partners will benefit from the strengths of the Ruwais Industrial Complex, including: competitive feedstock; strong integration; a site operated by a single owner to maximize synergies; an advantaged geographic location well-positioned for east-west trade; and,a highly-developed port and logistics infrastructure.
Plans are well advanced to expand the complex’s refining capacity by more than 65%, or 600,000 bpd by 2025, through the addition of a third, new refinery, creating a total capacity of 1.5 million barrels per day (mbpd). The entire Ruwaiscomplex will also be upgraded to producegreater volumes of higher-value petrochemicals and derivative products.It includes a plan to build one of the world’s largest mixed feed crackers, trebling production capacity from 4.5 mtpa in 2016 to 14.4 mtpa by 2025.
ADNOC will also develop anew, large-scale, manufacturing ecosystem in Ruwais through the creation of new petrochemical Derivatives and Conversion Parks, creating a focal point for the global petrochemicals industry.The Ruwais Derivatives Park will act as a prime catalyst for the next stage of petrochemical transformation by inviting partners to invest and produce new products and solutions from the growing range of feedstocks that are available inRuwais.
The new Ruwais Conversion Park will spur new business creationfurther down the value chain, manufacturing higher-valueend products, including packaging materials, coatings, high voltage insulation and automotive composites.
About ADNOC
ADNOC is a major diversified group of energy and petrochemical companies, that produces about 3 million barrels of oil and 10.5 billion cubic feet of raw gas a day. Its integrated upstream, midstream and downstream activities are carried out by 14 specialist subsidiary and joint venture companies. To find out more visit www.adnoc.ae.For further information: [email protected].
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