UAE economy set for Dh165 billion petrochemicals boost
Adnoc to develop the world's largest integrated refining and petrochemicals facility in Ruwais
The Abu Dhabi National Oil Company (Adnoc) will invest Dh165 billion ($45bn) in partnership with global energy companies over the next five years to develop the world’s largest integrated refining and petrochemicals facility in Ruwais, in Al Dhafra.
The centrepiece of Adnoc's plan is a new 600,000 barrels-per-day capacity refinery.
By 2025, the expansion of Ruwais will have added 1 per cent to the UAE’s economic output annually and created 15,000 jobs, according to Adnoc.
The company, which produces and sells oil on behalf of the emirate in international markets, is repositioning itself as a player in the downstream segment of the energy value chain, which specialises in refined products such as jet fuel and diesel, as well as the chemicals that are used to make a variety of household and industrial goods.
Adnoc has a target to treble the capacity of its petrochemicals facilities from 4.5 million tonnes per annum to 14.4 mtpa by 2025.
“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,” said Dr Sultan Al Jaber, UAE Minister of State, and group chief executive at Adnoc.
Dr Al Jaber made the announcement at Adnoc's downstream investment forum in Abu Dhabi on Sunday in the presence of chief executives from BP, Total, Eni, Occidental and HSBC and other leading finance and energy companies. Dr Al Jaber said the company was looking for partners to develop its plans in Ruwais.
Adnoc will also provide incentives for small and medium-sized businesses to establish themselves in a planned derivatives and conversion park in Ruwais, that would grow on the back of the expansion of refining and chemicals facilities.
Updated: May 14, 2018 02:02 PM