Abu Dhabi – Mubasher: The Abu Dhabi National Oil Company (ADNOC) on Wednesday announced plans to move further downstream as it looks to utilise the growing demand for higher value refined and petrochemical products, particularly in economies such as China and Asia in general which are seeing rapid growth.
ADNOC is looking to create “the world’s largest integrated refining and chemical site in the world, in Ruwais, the UAE,” revealed ADNOC Group CEO Sultan Ahmed Al Jaber, who added during CERAWeek that through the investment ADNOC would triple its production of petrochemicals to 14.4 million tonnes per annum by 2025.
Al Jaber, who doubles as the UAE’s minister of state, further added that the national oil firm was keen to ensure operational flexibility which would allow it to respond quickly to shifting and emerging market needs.
“The steps we have taken so far have laid a solid foundation for powering the next phase of our growth,” ADNOC’s top official highlighted, indicating that the “biggest opportunity for that growth is downstream, particularly in petrochemicals, where demand is expected to climb 150% by 2040, driven by the growth economies of Asia.”
Al Jaber also announced plans to host a Downstream Investment Forum, in Abu Dhabi, on 13 and 14 May, where ADNOC “will unveil significant co-investment opportunities to strengthen and grow its downstream portfolio.”
Organized by IHS Markit, CERAWeek is an annual event that takes place in Houston, Texas, and which brings together 3,000 global industry leaders and policymakers, from over 60 countries to exchange knowledge and insights on energy markets, industry trends, technology and strategy.
