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UAE investing $45-biliion to expand refineries

May 14, 2018 11:13 AM
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ABU DHABI, United Arab Emirates—Abu Dhabi National Oil Co. on Sunday announced a $45-billion ($38-billion-euro) investment to modify an existing facility into one of the world’s largest integrated refining and petrochemicals plants.

The project aims to boost ADNOC’s refining capacity by 65 percent to 1.5 million barrels per day by 2025, the state-owned firm’s CEO Sultan al-Jaber told a downstream investment forum.

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

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

Abu Dhabi, one of seven states in the United Arab Emirates, holds more than 90 percent of the federation’s 98 billion barrels of crude oil reserves.

In November, Abu Dhabi announced plans to invest $109 billion (81 billion euros) in the energy sector over the next five years.

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

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Source: manilastandardtoday.com

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