ADNOC announces AED 165 billion investment plan
Abu Dhabi National Oil Company’s (ADNOC) plans to invest AED 165 billion ($45 billion) in the downstream oil market will help create over 15,000 jobs by 2025 and contribute an additional 1 per cent to the UAE’s annual GDP growth.
At the heart of these plans is the Ruwais Industrial Complex in Abu Dhabi, where the company intends to build the world’s largest integrated refining and chemical site.
The facility’s refining capacity will be expanded by more than 65 per cent, or 600,000 bpd by 2025, through the addition of a third, new refinery, creating a total capacity of 1.5 million barrels per day (mbpd).
The entire Ruwais complex will also be upgraded to produce greater volumes of higher-value petrochemicals and derivative products.
ADNOC Group’s CEO and UAE Minister of State, Dr. Sultan Ahmed Al Jaber explains.
The plans were unveiled at the ADNOC Downstream Investment Forum in Abu Dhabi on Sunday.
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.