Abu Dhabi: Abu Dhabi National Oil Company (Adnoc) on Sunday unveiled plans to invest Dh165 billion ($45 billion) in downstream over the next 5 years and expand to significantly increase its refining and petrochemicals capacity.
It will also develop the Ruwais Industrial Complex into one of the world’s largest and most advanced integrated refining and petrochemicals complex with additional facilities like Ruwais Derivation Park and Ruwais Conversion park with added capacity.
Unveiling Abu Dhabi’s new downstream oil strategy at the Adnoc Downstream Investment Forum held in Abu Dhabi on Sunday, Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and CEO of Adnoc, said the unprecedented investment will create 15,000 new jobs by 2025 and contribute to an addition 1 per cent growth to the country’s GDP annually.
“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.
“As in the past, our full potential will be accelerated through value-adding partnerships, so we are extending an invitation to both existing and new partners to join with us in building a world-leading refining and petrochemicals complex and manufacturing ecosystem here in Ruwais,” he said.
“Given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning Adnoc to become a leading global downstream player. We will invest significantly in Ruwais and open up attractive partnership and co-investment opportunities along our extended value chain to create a powerful new downstream engine and springboard for growth that will benefit our country, our company and our partners,” the minister added.
Al Jaber said the expansion plans for Ruwais will also support Abu Dhabi and the UAE’s economic development and diversification, create high-skilled jobs and enhance the country’s status as a globally attractive destination for energy investments.
