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.
ADNOC is evaluating some downstream expansion opportunities overseas with its strategic partners, he said, declining to give more details, but he said that India was a potential market.
"Building on its legacy of success, Adnoc has undertaken a significant group transformation program over the last two years". The company has improved its 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. Adnoc's plans to reposition itself as a downstream player amid rising demand for refined products and chemicals in the growing markets of Asia, where other Arabian Gulf players like Saudi Aramco are considering large-scale refining and chemicals investments. "Our aim here is to make it become the single largest integrated refining and petrochemicals complex in the world", al-Jaber said.
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In a statement, ADNOC noted that the investment programme will also include a plan to construct one of the world's largest mixed feed crackers, trebling production to 14.4 mtpa by 2025, up from 4.5 tpa in 2016.
Currently, ADNOC's downstream portfolio of eight companies processes about 10.5 billion standard cubic feet (scf) of gas per day, and produce 40 million tonnes per year (mpta) of refined products as well as granulated urea, liquefied petroleum gas (LPG), naphtha, gasoline, jet fuel, gas oil and base oils, fuel oil and other petrochemical feedstock.
Building on the existing strengths and competitive advantages of the Ruwais Industrial Complex, the Emirati company said it will create the world's largest and most advanced integrated refining and petrochemicals complex. A conversion park spread over 3.5 square kilometres will also be developed to become a hub of industry cluster, providing solutions using derivatives produced in adjoining facilities.