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​UAE's national oil company to invest 45bln USD into new refinery complex

Xinhua Financein DUBAI
2018-05-14 11:34

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Abu Dhabi National Oil Company (ADNOC), the biggest oil company in the United Arab Emirates (UAE), will invest 165 billion dirham (44.95 billion U.S. dollars) into a downstream complex in Ruwais in Abu Dhabi, the company said in a statement on Sunday.

UAE Minister of State and ADNOC Group chief executive Sultan Al Jaber said ADNOC will create the "world's largest single integrated refining and petrochemicals complex" in partnership with global partner companies within the next five years.

ADNOC aims to become "a leading global downstream player, enabling it to further stretch the value of every barrel it produces to the benefit of ADNOC, its partners and the UAE," said the statement.

The strategy is expected to add more than 15,000 jobs by 2025 and contribute an additional one percent to GDP per year.

Al Jaber said "given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning ADNOC to become a leading global downstream player."
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