State-owned firm Abu Dhabi National Oil Company (ADNOC) has announced its plans to invest AED165bn ($45bn) over the next five years to strength its downstream business.
As part of the plan, the firm intends to significantly expand its refining and petrochemical operations at Ruwais in the UAE, and also undertake overseas investments to secure greater market access.
ADNOC intends to expand the Ruwais Ruwais refining and petrochemical complex in the UAE, to create world’s largest of its kind.
As part of this effort, the firm plans to add a third refinery to boost the refining capacity of the complex by 600,000 barrels per day (bpd) by 2025.
The new refinery is expected to bring the total refining capacity of the Ruwais complex to 1.5 million barrels per day (mbpd).
Adnoc Group CEO Dr Sultan Ahmed Al Jaber said: “Given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning ADNOC to 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 chain to create a powerful new downstream engine and springboard for growth that will benefit our country, our company and our partners.”
The new investment plan is expected to create more than 15,000 jobs by 2025 in addition to contributing an additional 1% to GDP annually, ADNOC said.
ADNOC noted that the downstream investment plans are a part of its 2030 strategy to create a more flexible, resilient and diverse energy business.
Jaber added: “The unique competitive advantages and world-scale of Ruwais, combined with a $45bn investment plan and our ambitious smart growth strategy, create a unique opportunity for ADNOC to redefine the global refining and petrochemicals landscape.
“As in the past, our full potential will be accelerated through value-adding partnerships, so we are extending an invitation to both existing and new partners to join with us in building a world-leading refining and petrochemicals complex and manufacturing ecosystem here in Ruwais.”
In 2017, ADNOC unveiled its plan to invest over AED400bn ($109bn) over the next five years, to boost oil and gas output as well as strengthen downstream activities.
