Abu Dhabi National Oil Company will announce its downstream strategy as well as partnership opportunities at a gathering of global chief executives on May 13 as the UAE state producer looks to diversify its hydrocarbons revenues to include increased sale of products.
“We have always been a long-term, reliable supplier of crude and refined products, and we will remain so, but in the future Adnoc will also look to substantially grow its downstream position to become a global player, and reliable partner, in the production, supply and trading of refined and petrochemical products,” said Dr Sultan Al Jaber, UAE minister of state and Adnoc Group chief executive said in a statement on Monday.
Around 30 global chief executives including the heads of France’s Total, Occidental, Eni, CNPC - all current upstream partners with Adnoc - as well as 600 senior business leaders are expected to attend the Adnoc Downstream Investment Forum, which will take place in Abu Dhabi on May 13 and 14.
Abu Dhabi, which accounts for around six per cent of global crude production, has been looking to gain more from the sale of products to growing markets in Asia. The UAE unveiled last year an ambitious strategy to spend $109bn in pursuing refining and petrochemical opportunities at home and abroad, as well as unlocking its sour gas potential. Adnoc has targeted doubling of refining and tripling its petrochemical capacities respectively by 2025, in order to increase its margins from the sale of higher-value products.
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Adnoc, which recently launched its first ever competitive bidding for six oil and gas blocks in Abu Dhabi, is set to unveil new partnerships and investment opportunities further down the value chain next month, it said in the statement.
At the centre of the company's downstream strategy is the construction of what is intended to be the world’s largest integrated refining and chemical site in the world. The planned complex in Ruwais, will produce 14.4 million tonnes of petrochemical products annually by 2025.