Dr Sultan Ahmed Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company (ADNOC), met with Shinzo Abe, Prime Minister of Japan, as well as senior government and corporate leaders during a visit to Tokyo, as ADNOC seeks to expand strategic partnership and investment opportunities across the entire chain of its business.
To capitalise on the sharp growth in demand for petrochemical products globally, and particularly across Asia, ADNOC is focusing on expanding its downstream portfolio, while remaining a supplier of crude oil and refined products.
At the meeting with Japan’s Prime Minister, matters of mutual interest were discussed, as the UAE and Japan seek to advance bilateral economic relations, particularly in the oil, gas and petrochemical sectors.
Discussions emphasised the deep strategic partnerships that both the UAE and Japan enjoy across a variety of sectors, in particular in energy. Dr Al Jaber also elaborated on ADNOC’s new strategic partnership and investment model that will enable the company’s 2030 smart growth strategy to be realised.
Demand from Asia, for petrochemicals and plastics, is forecast to more than double by 2040. In response, ADNOC is undertaking a major downstream expansion aimed at tripling petrochemical production by 2025. More than 40% of a $109bn capital expenditure programme will be invested over the next five years to diversify and grow ADNOC’s downstream businesses.
ADNOC plans to build the largest integrated refining and petrochemical site in the world, at Ruwais, that will convert 20% of ADNOC’s crude to chemicals. The company is also on track to expand crude capacity to 3.5mn barrels per day to support future demand, particularly in Asia.