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Adnoc to invest Dh165bn with partners in downstream

14 May 2018

Indian Strategic Petroleum Reserves Ltd (ISPRL) had then signed an agreement with ADNOC which allows the firm to store 5.86 million barrels of crude in the strategic facility at Mangalore at its own cost.

The strategy is expected to add more than 15,000 jobs by 2025 and contribute an additional one percent to GDP per year. "Our increased presence in India, will also catalyse demand for our own refined and petrochemical products", said HE Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO.

"So we are inviting world energies, stakeholders to come to India and invest in India, do business in all the aspect from upstream to downstream". This important partnership will further strengthen the close energy cooperation that exists between India and the UAE and builds on the historic acquisition of a stake in the Lower Zakum offshore concession by Indian Companies.

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Adnoc is now accelerating this transformation by unveiling its plans to become a leading global downstream player.

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". UAE is a very reliable partner of India in utilizing this forum.

Plans are well advanced to expand the complex's refining capacity by more than 65%, or 600,000 bpd by 2025, through the addition of a third, new refinery, creating a total capacity of 1.5 million barrels per day (mbpd).

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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. The entire Ruwais complex will also be upgraded to produce greater volumes of higher-value petrochemicals and derivative products.

Adnoc is among Middle East crude producers, including Saudi Arabia and Kuwait, that are boosting refining, marketing and petrochemical capacity to bolster and diversify income.

Ruwais, which now includes two refineries and petrochemicals facilities, owned and operated by Borouge - Adnoc's joint venture with Austria's Borealis - will be see development of a six square kilometre derivatives and conversions park that will be integrated with the larger complex.

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The new Ruwais Conversion Park will spur new business creation further down the value chain, manufacturing higher-value end products, including packaging materials, coatings, high voltage insulation and automotive composites.

Adnoc to invest Dh165bn with partners in downstream