More than $45 billion in investments over the next five years could position the United Arab Emirates as a global refining powerhouse, its oil company 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,” Ahmed al-Jaber, the CEO of the Abu Dhabi National Oil Co. and the Emirati minister of state, said in a statement.
ADNOC said it would spend $45 billion over the next five years to expand its refining and petrochemicals operations at al-Ruwais, a city in western Abu Dhabi.
ADNOC and its subsidiaries process 10.5 billion cubic feet of natural gas per day and has a refining capacity of 922,000 barrels per day. By 2025, the company said it would expand its refining capacity by more than 65 percent.
According to economists at the Organization of Petroleum Exporting Countries, of which Oman is a member, Emirati oil consumption increased 2.7 percent year-on-year.