The Abu Dhabi National Oil Company (ADNOC) introduced its intention to maneuver additional downstream, as the corporate pivots to take full benefit of the rising demand for larger worth refined and petrochemical merchandise, notably within the progress economies of China and Asia.
Speaking at CERAWeek, a number one gathering of the vitality trade, H.E. Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, set out ADNOC’s strategic ambitions to develop into a significant world downstream participant, with the operational flexibility to reply shortly to shifting and rising market wants. At the middle of its new downstream technique, ADNOC intends to create the world’s largest built-in refining and chemical web site on this planet, in Ruwais, UAE, the place it can triple petrochemicals’ manufacturing to 14.four million tonnes, yearly, by 2025. H.E. Dr. Al Jaber defined ADNOC’s downstream technique will construct on the progress ADNOC had made in 2017, because it accelerated its transformation and sharpened its give attention to its strategic pillars of individuals, efficiency, profitability and effectivity to each unlock and create most worth from its sources and belongings.
In addition to aligning its group of corporations underneath a single, unifying model, he stated ADNOC opened up alternatives throughout its upstream and downstream companies to new classes of companions and buyers, together with private and non-private monetary establishments. ADNOC additionally took steps to reinforce and optimize its capital construction by leveraging, for the primary time, the worldwide capital markets, together with issuing a US $three billion bond in opposition to one among its giant crude oil pipelines – the most important non-sovereign bond sale within the Middle East – and efficiently itemizing ADNOC Distribution on the Abu Dhabi Stock Exchange (ADX), in what was the biggest IPO in Abu Dhabi in a decade. (Source and picture: ADNOC/Ruwais refinery)
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