Abu Dhabi: Abu Dhabi National Oil Company (Adnoc) is planning to unveil new investment opportunities in the downstream sector as the company eyes growth due to the rising demand for refined and petrochemical products from China and other economies in Asia.
The company will host a Downstream Investment Forum in Abu Dhabi in May where new investment opportunities in the downstream sector will be announced.
“The steps we have taken so far have laid a solid foundation for powering the next phase of our growth,” said Dr Sultan Al Jaber, Adnoc group CEO speaking at CERAWeek energy conference in Houston on Tuesday.
“And the biggest opportunity for that growth is downstream, particularly in petrochemicals, where demand is expected to climb 150 per cent by 2040, driven by the growth economies of Asia,” he said.
The firm is planning to create the world’s largest integrated refining and chemical site in the world, in Ruwais, where it will triple petrochemicals’ production to 14.4 million tonnes, annually, by 2025 as parts of its strategy to become a major global player in downstream sector.
He also noted that a series of new blocks are to be made available for commercially competitive bidding, for both existing and new partners, to unlock untapped resources as part of its upstream expansion strategy.
“Our goal by 2025 is to transform Ruwais into the largest integrated refining and chemicals site in the world — doubling our refining capacity and tripling our petrochemicals production,” Al Jaber was quoted as saying this by Reuters. He added that the company also plans to make unexplored blocks of oil in the UAE available for auction in the near future.
Adnoc is currently bringing in additional partners who can bring strategic value add to the table — in terms of market access, capital, technology and expertise in its offshore concessions.
Companies from India, Japan and Spain were recently awarded long-term contracts to develop Abu Dhabi’s offshore oilfields.
Organised by IHS Markit, CERAWeek takes place annually in Houston, Texas, bringing together 3,000 global industry leaders and policymakers, from more than 60 countries, across the entire energy value chain, to exchange knowledge and insights on energy markets, industry trends, technology and strategy.
