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MEDIA IN – Abu Dhabi 13 May 2018 / WAM /
Abu Dhabi National Oil Company (ADNOC) announced today that it intends to invest 165 billion dirhams (45 billion US dollars) over the next five years along with a number of strategic partners to strengthen its position as a world leader in refining and petrochemicals. Oil produced by the benefit of the UAE.
This came during ADNOC’s Investment and Refining and Petrochemicals Conference, which opened today in Abu Dhabi.
Through its investment and strategic partnerships program, ADNOC intends to increase the scope and scale of its high value products, improve access to high growth markets around the world, and create a manufacturing system in Ruwais that will significantly contribute to enhancing local value added, private sector growth and job creation New.
ADNOC’s new refining and petrochemical strategy is expected to provide more than 15,000 jobs by 2025 and contribute 1% to GDP per year.
“As part of ADNOC’s efforts to implement driving guidelines to ensure the maximum value of hydrocarbon resources, and in light of the significant increase in demand for high-value petrochemicals and refined products, we seek to consolidate Strengthening ADNOC’s position as a world leader in refining and petrochemicals.
To achieve this, we will invest heavily in Ruwais and will provide more attractive partnership opportunities for joint investments as well as expand our business to create a strong new petrochemical and refining industry that will benefit both the UAE, ADNOC and our partners. ”
“ADNOC’s investments in refining and petrochemicals are part of its integrated 2030 strategy for smart growth aimed at enhancing profitability in exploration, development and production, increasing value in refining and petrochemicals, and maintaining an economical and sustainable gas supply, supported by enhanced proactive, flexible marketing,” said Dr Sultan bin Ahmed Al Jaber. .
The AED 165 billion expansion program will further develop the Ruwais complex to enhance its flexibility and integrated capabilities to produce larger quantities of petrochemical products and high-value derivatives. The program includes a plan to build one of the world’s largest raw materials fractures, 4.5 million tons per year in 2016 to 14.4 million tons per year by 2025.
