It listed 10 percent of its fuel distribution business late a year ago, set up a new trading unit to handle its crude oil and refined products while also expanding partnerships with strategic investors.
"Given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning Adnoc to become a leading global downstream player".
The money would be pumped into the economy alongside its partners in the next five years so as to become a leading global downstream player.
The state producer known as Adnoc will expand the complex's refining capacity by more than 65 percent, or 600,000 barrels a day, by 2025, through the addition of a third refinery, Chief Executive Officer Sultan Al Jaber said at an energy conference in Abu Dhabi. Downstream Investment Forum is a very important forum and UAE is a reliable partner of India.
Adnoc's facilities now process 10.5 billion standard cubic feet of gas per day and produce some 40 million tonnes annually of refined products, such as granulated urea, liquefied petroleum gas (LPG), naphtha, petrol, jet fuel, gas oil and base oils, fuel oil, as well as feedstock for chemicals. Under the agreement, ADNOC will store about 5.86 million barrels of crude oil in the cavern in Mangaluru at its own cost. Ruwais' chemicals segment will see a trebling of production capacity from 4.5 million tonnes per annum to 14.4 mtpa by 2025, as plans get underway for the world's largest mixed feed cracker.
"The centerpiece when it comes to our downstream strategy is the Ruwais Industrial Complex".
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The company said in November that it plans to spend more than $109 billion in the next five years to boost gas output and invest in worldwide downstream activities. The spending will include boosting gas output and investing in global downstream activities, ADNOC said in November.
ADNOC wants to expand its downstream portfolio in markets where demand for oil is still growing, such as China and India, securing a new outlet for its crude.
"Hydrocarbons are and will remain an essential part of the energy mix".
ADNOC is evaluating some downstream expansion opportunities overseas with its strategic partners, he said, declining to give more details, but he said that India was a potential market.
Al Jaber said the expansion plans for Ruwais will also support Abu Dhabi and the UAE's economic development and diversification, create high-skilled jobs and enhance the country's status as a globally attractive destination for energy investments.
A source said last month that the opportunities ADNOC could be looking at included a refinery and petrochemical project in India, for which Aramco signed an initial agreement on Wednesday with a consortium of Indian state refiners.