Wednesday, 19 September, 2018

ADNOC To Invest $45 Billion In Downstream

Proposed Ratnagiri Refinery Gets Another Middle Eastern Investor Too Early To Predict Sanctions Impact On Iran Imports, Says Oil Minister
Andrew Cummings | 14 May, 2018, 00:22

Adnoc's new refinery, which will boost its current capacity more than 65 per cent by 2025, will add to greater flexibility in refining and processing of crude to include other grades apart from the UAE's flagship Murban crude. He also said that the first cargo of crude oil from the Abu Dhabi National Oil Company (ADNOC), destined for the Indian Strategic Petroleum Reserves Ltd (ISPRL) has sailed. This important partnership will further strengthen the close energy cooperation that exists between India and the UAE and builds on the historic acquisition of a stake in the Lower Zakum offshore concession by Indian Companies.

Yesterday, Pradhan and UAE Minister of State and ADNOC Group CEO Dr. Sultan Al Jaber flagged off the first consignment of 2 million barrels of ADNOC crude for Mangalore Cavern.

The strategy is expected to add more than 15,000 jobs by 2025 and contribute an additional 1 per cent to GDP per year, it added.

Through a combined program of strategic partnerships and investment, Adnoc will increase its range and volume of high-value downstream products, secure better access to growth markets around the world and create a manufacturing ecosystem in Ruwais that will significantly stimulate In-Country Value creation, private sector growth and employment, it stated. "So we request stakeholders to come and invest in India", said Pradhan.

"Our energy appetite is very high".

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"Given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning Adnoc to become a leading global downstream player".

Indian energy demand is forecast, by the International Energy Agency (IEA), to grow by more than any other country in the period to 2040, propelled by an economy that will grow to more than five-times its current size and by population growth that will make it the world's most populous country.

Adnoc has about 900,000 barrels a day of refining capacity at home, mainly at Ruwais on the Gulf coast.

The park will source feedstock from Adnoc's refining facilities in Ruwais and will "act as a prime catalyst for the next stage of petrochemical transformation by inviting partners to invest and produce new products and solutions", the company said.

As part of the plan, the refining capacity of the Ruwais facility, which now stands at 922,000 barrels per day (bpd), will be increased by more than 65,000 percent, or 600,000 bpd, by 2025 through an additional new refinery, creating a total capacity of 1.5 million barrels per day.

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