ADNOC expands investments with major Chinese companies

MEDIA  IN , Beijing, July 9, 2018 (WAM)
During his visit to the Chinese capital of Beijing, Dr. Sultan Ahmed Al Jaber, Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC) and his group of companies held a series of meetings with leaders of major Chinese companies in the fields of oil, gas, refining and petrochemicals focused on expanding strategic partnerships and investments in ADNOC Integrated in various fields and stages of the oil and gas sector, including exploration, development, production, refining and petrochemicals.
“Energy cooperation is an important aspect of strategic relations between the UAE and the Republic of China, which is the world’s largest oil importer and one of the major growth markets for ADNOC’s crude oil, refined products and petrochemicals,” he said.
During the meetings, Dr. Sultan Al-Jaber reviewed ADNOC’s plans to develop new sources of oil and gas production and expand its refining and petrochemical operations, which aims to triple its petrochemical production capacity to 14.4 million tons per year by 2025.
The planned projects include a world-class unit to break down the raw material mix as well as investments in a new refinery to boost production capacity. As a result of the planned expansion of its refining and petrochemicals operations, ADNOC will establish one of the largest integrated integrated refining and petrochemical complexes in one location in the world, Located in the Dhafra area of ​​Abu Dhabi.
“At ADNOC, we are keen to collaborate and build strategic partnerships with partners that contribute to additional value, technology transfer, operational expertise and market access. We are confident that there is great potential to strengthen our relationship with Chinese companies, especially in the field of refining and petrochemicals,” said Dr. Sultan Al Jaber. We are moving forward to make a quantum leap at the Group level, including expanding our portfolio, enhancing value, increasing profitability and economic return. ”
ADNOC is focusing on expanding markets in China and Asia where demand for petrochemicals and plastics, including some light plastic components used in the automotive, pipeline and insulation industries, is expected to double in Asia by 2040