Ad­noc to host in­dus­try lead­ers

The National - News - - OPINION - JENNIFER GNANA

Abu Dhabi Na­tional Oil Com­pany will an­nounce its down­stream strat­egy and part­ner­ship op­por­tu­ni­ties at a gath­er­ing of chief ex­ec­u­tives on May 13 as the UAE state pro­ducer looks to di­ver­sify and broaden its hy­dro­car­bons rev­enue to in­clude in­creased sales of petro­chem­i­cal and re­fined prod­ucts.

“We have al­ways been a long-term, re­li­able sup­plier of crude and re­fined prod­ucts, and we will re­main so, but in the fu­ture Ad­noc will also look to sub­stan­tially grow its down­stream po­si­tion to be­come a global player, and re­li­able part­ner, in the pro­duc­tion, sup­ply and trad­ing of re­fined and petro­chem­i­cal prod­ucts,” said Dr Sul­tan Al Jaber, Min­is­ter of State and Ad­noc Group chief ex­ec­u­tive yes­ter­day.

About 30 global chief ex­ec­u­tives, in­clud­ing the heads of France’s To­tal, Oc­ci­den­tal, Eni and CNPC – all of them up­stream part­ners with Ad­noc – as well as 600 se­nior busi­ness lead­ers are ex­pected to at­tend the Ad­noc Down­stream In­vest­ment Fo­rum, which will take place in Abu Dhabi on May 13 and 14. Abu Dhabi, which ac­counts for about six

Ad­noc in­tends to in­crease ca­pac­ity in petrochemicals, so push­ing to­wards higher mar­gins for pre­mium prod­ucts

per cent of global crude pro­duc­tion, has been look­ing to gain more from the sale of prod­ucts to grow­ing mar­kets in Asia. Last year, the UAE un­veiled an am­bi­tious strat­egy to spend $109 bil­lion in pur­su­ing refin­ing and petro­chem­i­cal op­por­tu­ni­ties at home and abroad, as well as un­lock­ing its sour gas po­ten­tial. Ad­noc has tar­geted the dou­bling of refin­ing and tripling of its petro­chem­i­cal ca­pac­i­ties re­spec­tively by 2025, in or­der to in­crease its mar­gins from the sale of higher-value prod­ucts.

Ad­noc, which re­cently launched its first com­pet­i­tive bid­ding for six oil and gas blocks in Abu Dhabi, is set to un­veil part­ner­ships and in­vest­ment op­por­tu­ni­ties fur­ther down the value chain next month, it said.

At the cen­tre of the com­pany’s down­stream strat­egy is the con­struc­tion of what is in­tended to be the world’s largest in­te­grated refin­ing and chem­i­cal site.

The planned com­plex in Ruwais, in the Al Dhafra re­gion, will be re­spon­si­ble for pro­duc­ing 14.4 mil­lion tonnes of petro­chem­i­cal prod­ucts an­nu­ally by 2025.

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.