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Adnoc is in the midst of delivering a 2030 strategy that involves significant capital expenditure. The company has a target of increasing capacity to 5 million barrels per day, from about 2.8 million bpd currently.
It is also planning substantial investment in downstream projects, including a new Ruwais Derivatives Park being developed jointly with state holding company ADQ that is building the infrastructure for a major chemicals hub.
Last year, the UAE s Supreme Petroleum Council approved Adnoc s Dh448bn investment programme over the next five years. In December, the company said it will expand its In-Country Value localisation programme, with a view to directing about Dh160bn back into the local economy.
Adnoc merges downstream operations with trading
ABU DHABI, January 17, 2021 Abu Dhabi National Oil Company (Adnoc), the UAE s biggest energy producer has merged its downstream business with its trading and marketing operations to create the Downstream Industry, Marketing & Trading Directorate. The new unit will be a critical enabler of the company s goal to responsibly deliver the energy and energy products that the world needs, particularly in its core Asian market, where demand for refined and petrochemical products are set to grow over the next 10 years, said S&P Global Platts, citing an Adnoc statement said. In 2018, Adnoc announced plans to invest $45 billion with partners to develop its local downstream activities, including the expansion of its Ruwais refinery and petrochemical capacity in the industrial hub.