UAE launches $45 billion investment to boost refineries

Abu Dhabi National Oil Co. (ADNOC) on Sunday (May 13th) announced a $45-billion investment to modify an existing facility into one of the world's largest integrated refining and petrochemicals plants, AFP reported.

The project aims to boost ADNOC's refining capacity by 65% to 1.5 million barrels per day by 2025, the state-owned firm's CEO Sultan al-Jaber said.

The work will upgrade the refining and petrochemicals plant at Ruwais in partnership with international energy firms, he added.

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.

Abu Dhabi holds more than 90% of the federation's 98 billion barrels of crude oil reserves.

The UAE, OPEC's fourth largest producer, aims to boost crude oil production capacity from 3.2 million barrels per day to 3.5 million at the end of the year.

Over the past few months, ADNOC has awarded concession rights at offshore sites to several international oil companies to boost its long-term production capacity, and has renewed and extended concessions at onshore oilfields.

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