Adnoc to build largest global refining, chemical complex

ABU DHABI / WAM

The Abu Dhabi National Oil Company (Adnoc) on Wednesday announced its intention to move further downstream, as the company pivots to take full advantage of the rising demand for higher value refined and petrochemical products, particularly in the growth economies of China and Asia.
Speaking at CERAWeek, a leading gathering of the energy industry, Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and Adnoc Group CEO, set out Adnoc’s strategic ambitions to become a major global downstream player, with the operational flexibility to respond quickly to shifting and emerging market needs. At the centre of its new downstream strategy, Adnoc intends to create the world’s largest integrated refining and chemical site, in Ruwais where it will triple petrochemicals’ production to 14.4 million tonnes, annually, by 2025.
Dr Al Jaber announced plans to host a Downstream Investment Forum, in Abu Dhabi, on May 13 and 14, where Adnoc will unveil significant co-investment opportunities to strengthen and grow its downstream portfolio.
“We will unveil significant co-investment opportunities for all partners, ready to work alongside us at a special event this coming May, as we transform our Downstream portfolio domestically and internationally,” Dr. Al Jaber said.
“I would like to extend an invitation, to those who are keen to join us on this journey, to attend the Adnoc Downstream Investment Forum, where we will unveil our roadmap, signature projects and detailed investment plans. As we begin this next phase of our development, we welcome existing and prospective partners to join us in creating smarter growth for our long-term mutual benefit.”
Dr. Al Jaber explained Adnoc’s downstream strategy will build on the progress Adnoc had made in 2017, as it accelerated its transformation and sharpened its focus on its strategic pillars of people, performance, profitability and efficiency to both unlock and create maximum value from its resources and assets.
In addition to aligning its group of companies under a single, unifying brand, he said Adnoc opened up opportunities across its upstream and downstream businesses to new categories of partners and investors, including public and private financial institutions.