Govt seeks Aramco, Adnoc backing for $44 billion oil refinery

Govt seeks Aramco, Adnoc backing for $44 billion oil refinery

Govt seeks Aramco, Adnoc backing for $44 billion oil refinery

"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.

"The unique competitive advantages and world-scale of Ruwais, combined with a $45 billion-dollar investment plan and our ambitious smart growth strategy, create a unique opportunity for Adnoc to redefine the global refining and petrochemicals landscape", Al Jaber said.

The plans also call for the creation of the Ruwais Derivatives Park to be built on a six square kilometer area adjacent to - and integrated with - the larger Ruwais complex.

Indian Oil Minister Dharmendra Pradhan said on Saturday it was too early to predict the impact of US sanctions on his country's imports of Iranian oil.

The project will boost Abu Dhabi National Oil Co.'s (ADNOC) refining at Ruwais by 65 per cent to 1.5 million barrels per day by 2025.

"Given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning Adnoc to become a leading global downstream player".

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While addressing a gathering at the Indian Embassy in Abu Dhabi, United Arab Emirates (UAE), on Saturday, Pradhan said, "The government has not been formed for the first time in Delhi, neither is it the first time that someone has become a Prime Minister in India".

The event brought together more than 40 CEOs and 800 senior business leaders from the global oil and gas, energy, petrochemical and finance industries, as well as many other sectors. By 2022, it plans to double gasoline production to about 10 million tons a year and triple petrochemicals capacity to 11.4 million tons a year.

Adnoc will also develop a new, large-scale, manufacturing ecosystem in Ruwais through the creation of new petrochemical Derivatives and Conversion Parks. "Our increased presence in India will also catalyse demand for our own refined and petrochemical products".

The new Ruwais Conversion Park will spur new business creation further down the value chain, manufacturing higher-value end products, including packaging materials, coatings, high voltage insulation and automotive composites.

Adnoc, which is inviting investment in these facilities from global industry players will "make available land, infrastructure, utilities and shared services at attractive rates" for partners, it said.

"The centerpiece when it comes to our downstream strategy is the Ruwais Industrial Complex". Building on its legacy of success, ADNOC has undertaken a significant group transformation programme over the last two years to improve operational efficiency, enhanced performance and realigned the management of its portfolio of assets and capital to create a new and expanded partnership and investment model.

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