ADNOC Announces US $45 Billion Investment Plan to Become Leading Global Downstream Player
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ADNOC to create the world’s largest integrated refining and
petrochemicals complex in Ruwais, UAE
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Creation of new partnership and investment opportunities to enable
ADNOC to further stretch value of every barrel produced and leverage
growth in demand for higher-value downstream products
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Downstream strategy expected to add more than 15,000 jobs by 2025 and
contribute an additional 1% to GDP per year
The
Abu Dhabi National Oil Company (ADNOC) today unveiled plans to
invest US $45 billion alongside partners, over the next five years, to
become a leading global downstream player. The plans were unveiled at
the ADNOC 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.
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His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, announces the company's $45 billion investment plan to become a leading global downstream player. (Photo: AETOSWire)
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, increasing
the 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 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.”
“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.
ADNOC will again welcome long-term partners 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 Ruwais complex will also be upgraded to produce
greater 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 a new, 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 in Ruwais.
The new Ruwais Conversion Park will spur new business creation further
down the value chain, manufacturing higher-value end 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: media@adnoc.com.
*Source: AETOSWire
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