UAE’s ADNOC plans further downstream expansion — CEO

ABU DHABI, May 12, (RTRS): Abu Dhabi National Oil Co. plans to double its refining capacity and triple petrochemicals output potential by 2025, as the state energy firm focuses more on downstream expansion to be on par with Big Oil and capture new growth markets, ADNOC’s chief executive said.

To reach that goal ADNOC will need to create new joint ventures and partnerships and not just rely on its existing assets, Sultan al-Jaber told Reuters in an interview on Saturday.

The company is also looking at different options for its ADNOC Refining subsidiary, including bringing on strategic partners but an initial public offering (IPO) for the unit is not on the “radar screen at this point in time”, alJaber said. “We continue to keep upstream as an integral part of our DNA at ADNOC while complementing that with a real shift in our drive for more downstream investments,” al-Jaber said.