Adnoc to host industry leaders
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.