UAE: $ 45 Billion Investment Plan Adnoc Intends to Create the World's Largest Integrated Refining and Petrochemicals Complex

The Abu Dhabi National Oil Company (Adnoc) presented plans for a $ 45 billion investment over the next five years, to become a leading global downstream player. The plans were unveiled at the Adnoc Downstream Investment Forum, which took place on May 13 in Abu Dhabi, UAE.

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Abu Dhabi/UAE — The investment program is intended to underpin a new downstream strategy to significantly expand the national oil company’s refining and petrochemical operations at Ruwais in the UAE, and undertake highly targeted overseas investments to secure greater market access.

Building on the existing infrastructure of the Ruwais Industrial Complex, the company plans to create the world’s largest and most advanced integrated refining and petrochemicals complex. Through a combined program of strategic partnerships and investment, Adnoc announced that it would 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 would significantly stimulate In-Country Value creation, private sector growth and employment. The company expects its strategy to add more than 15,000 jobs by 2025 and contribute an additional 1 % to GDP per year.

Adnoc wants to become a leading global downstream player, announced H.E. Dr Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO. The company will invest in Ruwais and open up attractive partnership and co-investment opportunities along their extended value chain to create a powerful new downstream engine and springboard for growth, he added.

The downstream investment plans are in line with the oil company's 2030 strategy of a more profitable upstream, more valuable downstream and sustainable, economic gas supply, underpinned by more proactive and adaptive marketing and trading. The strategy included a significant group transformation program over the last two years. To accelerate this transformation by announcing its plans to become a leading global downstream player, the group will again look to create long term downstream partnerships, providing access to attractive parts of the energy value chain.

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Adnoc’s existing 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. They produce some 40 million tons per year (mtpa) of refined products, and a range of other products, including granulated urea, liquefied petroleum gas (LPG), naphtha, gasoline, jet fuel, gas oil and base oils, fuel oil, and other petrochemical feedstock.

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New Manufacturing Ecosystem

Plans are well advanced to expand the complex’s refining capacity by more than 65 %, 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 new refinery, coupled with other projects underway within the Ruwais complex, will significantly increase the capability, flexibility and output of Abu Dhabi’s refining operations by adding to the range of crudes that can be processed and that in turn enables the export of increased volumes of the UAE’s high-value Murban crude.

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The expansionary $ 45 billion investment program will also see the entire Ruwais complex upgraded to increase its flexibility and integrated capabilities to produce greater volumes of higher-value petrochemicals and derivative products. It includes a plan to build one of the world’s largest mixed feed crackers, trebling production capacity from 4.5 mtpa in 2016 to 14.4 mtpa by 2025.

The group will also develop a new, large-scale, manufacturing ecosystem in Ruwais through the creation of new petrochemical Derivatives and Conversion Parks. The Ruwais Derivatives Park will be built on a six square kilometer area adjacent to, and fully integrated with, the larger Ruwais complex. Furthermore, the new Ruwais Conversion Park will take feedstock from both the Derivatives Park and other Ruwais assets to manufacture higher-value end products, including packaging materials, coatings, high voltage insulation and automotive composites.

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