ADNOC's $45bn downstream, facilities investment to create 15000 jobs

ADNOC's $45bn downstream, facilities investment to create 15000 jobs

The oil minister said there was a consensus between Saudi state oil giant Aramco, the Abu Dhabi National Oil Company ADNOC and Indian companies to form a joint venture. 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.

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 on Saturday.

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.

He further highlighted the attractive investment opportunities in the Petroleum and Natural Gas and Skill Development sectors in India and also extended an invitation to the business community in the UAE for greater collaborations and increased investments in India.

The strategy is expected to add more than 15,000 jobs by 2025 and contribute an additional one percent to GDP per year.

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ADNOC plans to expand refining and petrochemical operations at Ruwais by adding a third refinery to boost capacity by 600,000 barrels per day (bpd) by 2025, lifting total refining potential to 1.5 million bpd.

The plans also call for the creation of the Ruwais Derivatives Park to be built on a six square kilometer area adjacent to - and integrated with - the larger Ruwais complex.

ADNOC also plans to treble petrochemicals output at Ruwais from the current 4.5 million tonnes per year to 14.5 million tonnes a year, he said.

ADNOC's existing and sizeable downstream portfolio comprises eight companies processing 10.5 billion standard cubic feet (scf) of gas per day, and with a refining capacity of 922,000 barrels per day (bpd) of condensate and crude.

Adnoc, which is inviting investment in these facilities from global industry players will "make available land, infrastructure, utilities and shared services at attractive rates" for partners, it said.

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