Abu Dhabi unveiled plans to expand its refining and petrochemicals industry

Abu Dhabi is to invest $45 billion with partners over five years to expand its refining and petrochemicals industry, including building the world’s largest integrated production facility in the town of Ruwais. State-owned Abu Dhabi National Oil Company yesterday unveiled plans to expand its existing downstream industry… Abu Dhabi, the capital of the United Arab Emirates, is… preparing for a future beyond oil, accelerating plans for economic diversification away from hydrocarbons. Part of this transformation sees Adnoc, once a conservative national oil company, becoming a growth engine by investing in new industries. The Adnoc downstream expansion plans seek to leverage the country’s competitive advantage in energy, as well as its location near growing markets, to make more money out of the various stages of producing oil… Changes in Abu Dhabi come as other Gulf producers, most notably oil company Saudi Aramco, initiate their own reform plans… Adnoc is in negotiations with global companies for investment partnership opportunities in the UAE capital, which has historically built its hydrocarbons industries in tandem with international business. The expansion plans are set to boost refining capacity by more than 65 per cent, or 600,000 barrels a day, by 2025, through a new refinery that would bring capacity up to 1.5 million barrels a day. 
Simeon Kerr