Adnoc unit posts 12% rise in profit
Ravago to build and operate polyolefins compounding facility in Ruwais under agreement
Adnoc Distribution posted a 12 per cent increase in net profit for the first quarter of 2018 due to strong performance from its fuel as well as non-fuel retail business, the company said yesterday |
The Abu Dhabi National Oil Company (Adnoc) yesterday announced that it has signed a Memorandum of Understanding (MOU) with Ravago Group to explore opportunities for cooperation at the Ruwais Industrial Complex in the UAE.
The proposed agreement would see Ravago build and operate state-of-the-art polyolefins compounding facility in Ruwais Industrial Complex, according to a statement from Adnoc.
“Adnoc seeks to create partnerships with those who can bring additional value to our hydrocarbon resources, our downstream assets and the UAE economy at large,” said Abdul Aziz Abdullah Al Hajri, Director, Downstream Directorate at Adnoc.
“This proposed collaboration with Ravago is an excellent example of a partner bringing world-class technologies and expertise to complement Adnoc’s strengths, unlocking conversion value and creating efficiencies, for the benefit of both partners.”
Ravago operates 24 plants on four continents, producing plastics, rubbers and chemicals, serving the automotive, electronics and building and construction industries through the company’s global distribution network.
Adnoc seeks to create partnerships with those who can bring additional value to our hydrocarbon resources, our downstream assets and the UAE economy at large.” Abdul Aziz Abdullah Al Hajri | Director, Downstream Directorate at Adnoc
The development comes as Adnoc announced plans to invest $45 billion alongside partners over the next five years to create the single largest integrated refining and petrochemicals destination at Ruwais.
“This project confirms our commitment to the region and our legacy business, recycling, compounding and distribution,” Ravago CEO Theo Roussis said.
Both companies will also explore potential collaboration opportunities leveraging Ravago’s strengths across multiple areas to further unlock value within the petrochemical chain.