ADIPEC opens with participation of international energy leaders
Khaled Bin Mohamed Bin Zayed witnesses signing of Dhs22b strategic partnership between ADNOC and Borealis to expand Borouge facility
This year’s ADIPEC - the global energy industry’s largest, most important and influential event - opened on Monday and will run until Nov.18th to offer face-to-face meetings for the energy industry following the challenges of COVID-19.
The event is held under the patronage of President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, and hosted by the Abu Dhabi National Oil Company (ADNOC).
Taking place immediately ater COP26, ADIPEC 2021 will be the first global energy forum to examine the key outcomes of the UN climate meeting and how they will shape future policy and business environments within the energy industry.
Sheikh Khaled Bin Mohamed Bin Zayed Al
Nahyan, Member of the Abu Dhabi Executive Council, Chairman of the Abu Dhabi Executive Office and Chairman of the Executive Committee of the Board of Directors of the Abu Dhabi National Oil Company (ADNOC), today witnessed the signing of a strategic partnership that confirms a $6.2 billion (Dhs22 billion) investment agreement between ADNOC and Borealis AG to build the fourth Borouge facility - Borouge 4 - at the polyolefin manufacturing complex in Ruwais, UAE.
The world-scale expansion confirms both partners’ commitment to the growth of Borouge and to support chemical production and advanced manufacturing and industry in Ruwais, a key pillar of Abu Dhabi and the UAE’S technology, innovation and industrial development strategy.
Borouge produces crucial industrial raw materials which are exported to customers globally and used by local companies, boosting local industrial supply chains and enhancing In-country Value. Borouge 4 will capitalise on the projected growth in customer demand for polyolefins, driven by their use in manufactured products in the Middle East, Africa and Asia. The facility will also enable the next phase of growth at the Ruwais Industrial Complex by supplying feedstock to the TA’ZIZ Industrial Chemicals Zone.
The final investment agreement was signed at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced
Technology and Managing Director and Group CEO of the Abu Dhabi National Oil Company (ADNOC), and Borealis CEO, Thomas Gangl.
Dr. Sultan Ahmed Al Jaber, said: “ADNOC and Borealis’ significant investment in the fourth expansion of Borouge ensures the long-term and sustainable supply of core materials to critical sectors vital to both the UAE and global economy. This expansion will see Borouge become the world’s largest single-site polyolefin complex, as it continues to play an integral role in the development of TA’ZIZ, enhancing local industrial supply chains and boosting In-country Value opportunities.
“Today’s announcement underlines the continued atractiveness of Abu Dhabi and the UAE as a world-leading investment and partnership destination and underpins the robust value offering from our downstream, industry and petrochemicals sector to key global industry partners and investors.” Scheduled to be operational by the end of 2025, ADNOC will supply Borouge 4 feedstock.