Abu Dhabi National Oil Company (ADNOC) highlighted its focus on the smart growth of its refining and petrochemicals businesses and reinforced the importance of partnership and innovation at the 18th Annual Abu Dhabi International Downstream Summit, held during 18-19 September 2017 at Sofitel, Abu Dhabi, UAE.
“In line with ADNOC’s 2030 strategy, we will significantly harness our resources in refining and petrochemicals to turn market challenges into opportunities and enhance the value from every barrel we produce,” said Abdulla Ateya Al Messabi, manager, Refining and Petrochemicals Business Unit, Downstream Directorate, ADNOC.
ADNOC aims to nearly double gasoline production to 10.2 million tonnes per annum (mtpa) by 2022 and almost triple the production of petrochemicals and higher-value products to 11.4mtpa from the current output of 4.5mtpa.
“We will develop new, high-value petrochemical products to meet growing demand and increase refining capacity to create new revenue streams,” added Al Messabi. He added that planned investments in new projects include a new world-scale refinery and a new mixed-feed naphtha cracker.
Speakers also illustrated how partnerships and innovation will continue to drive investment in the UAE downstream sector. The region’s refiners and petrochemicals producers have long-formed international partnerships to deliver downstream ventures, which add value to their oil and gas resources, helping to drive rapid growth in the Middle East downstream sector over the last 20 years.
Borouge – the UAE’s leading petrochemicals producer and a joint venture of ADNOC and Vienna-headquartered Borealis – was highlighted as a good example of a partner and innovator.
“Borouge brings tangible strategic value, including access to new markets, technology and a willingness from our partner to invest alongside us in the joint pursuit of growth opportunities,” Al Messabi told conference attendees.
“In the coming months, we will further open our downstream business to create new investment and partnership opportunities across our portfolio of refinery and petrochemicals assets. These new ventures will bring in partners to improve integration, realise synergies and expand both our technological capability and output to meet the rising global demand for petrochemical products,” said Al Messabi.
Speakers at the conferences included a strong line-up of leaders and experts from the ADNOC Group of companies including Abu Dhabi Oil Refining Company (Takreer) and petrochemicals producer Abu Dhabi Polymers Company (Borouge). Representatives from downstream companies across the GCC – such as SABIC and SATORP – also gave presentations, as well as international industry leaders such as Royal Dutch Shell, Linde and OMV.