China: Upstream and Downstream Investment Adnoc Keen to Expand Business Relations with Chinese Energy Leaders
Adnoc’s chief His Excellency Dr. Sultan Ahmed Al Jaber discussed with numerous industry majors the company’s plan to triple its petrochemicals production to 14.4 million tonnes per annum by 2025.
Beijing/China – His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Abu Dhabi National Oil Company (Adnoc) Group CEO, recently held a series of meetings in Beijing with Chinese oil, gas, refining and petrochemical industry leaders. The meeting focused on expanding and deepening investment and partnership opportunities across Adnoc’s integrated upstream and downstream value chain.
H.E. Dr. Al Jaber was in the Chinese capital as part of the effort to expand and deepen business as well as economic relations with one of UAE’s largest trading partners. He said, “Energy cooperation is an important aspect of the UAE’s relations with China, which is the number one oil importer globally and a major growth market for Adnoc’s crude, refined products and petrochemicals.
We are keen to expand and deepen that relationship and believe there are mutually beneficial partnership and co-investment opportunities across our upstream and downstream value chains. Adnoc is also ready to work with its existing and potential new partners to meet the growing demand for energy and petrochemical products in China.”
During the visit, H.E. Dr. Al Jaber also met with senior executives from the Wanhua Chemical Group, one of the world’s largest producers of Methylene Diphenyl Diisocyanate (MDI), which is used in the production of rigid polyurethane; China National Petroleum Company (CNPC), a major state-owned Chinese oil and gas corporation and one of the largest integrated energy groups in the world; the China National Offshore Oil Corporation (Cnooc), China’s largest producer of offshore crude oil and natural gas.
At the meetings, H.E. Dr. Al Jaber discussed Adnoc’s plans to develop new upstream oil and gas resources and to expand the firm’s downstream operations, which will see production of petrochemicals triple to 14.4 million tonnes per annum by 2025.
As announced earlier this year during Adnoc’s Downstream Investment Forum, the company is making significant investments in new downstream projects, both domestically and internationally, to grow its refining capability and expand its petrochemical production three-fold to 14.4 mpta by 2025.
Planned projects include a world-scale, mixed liquid feedstock Naphtha cracker, as well as investments in new refinery capacity. As a result of the planned expansions in its downstream business, the company will create one of the world’s largest integrated refining and petrochemical complexes at Ruwais, located in Abu Dhabi’s Al Dhafra region.
H.E. Dr. Al Jaber added, “We are keen to partner with value-add strategic partners who can contribute technology, know-how and market access. We believe there is enormous potential to expand our relationship with Chinese companies, especially in the downstream, as we continue our transformation journey, grow our portfolio of products and maximise value.”
The agenda also touched on the firm’s new licensing strategy announced earlier this year, which will see six offshore and onshore exploration, development and production blocks made available for competitive bidding.