ADNOC signs deal with Spain’s Cepsa

Abu Dhabi National Oil Company (ADNOC) has signed a project development agreement with Spain’s Cepsa for a new linear alkylbenzene (LAB) facility in ADNOC’s Ruwais refining and petrochemicals complex.

The LAB facility, which can be used in the production of detergents, paints and cosmetics, is among a number of initiatives taken by ADNOC as looks to expand its refining and petrochemicals operations, it said in a statement on Monday.

The national oil company plans to invest $45 billion over the next five years to expand its refining and petrochemicals operations, it said on Sunday.

The centrepiece of ADNOC’s strategy is the Ruwais industrial complex, which ADNOC wants to turn into the largest integrated refining and petrochemicals complex in the world.

The LAB agreement follows the signing last November of a memorandum of understanding (MoU) between ADNOC and Cepsa to evaluate the setting up of a LAB facility in Ruwais, ADNOC said.

After completing a feasibility study, the LAB project will now move to the Front End Engineering Design (FEED) stage, ADNOC said. (RTRS)