ADNOC to invest USD 45 billion to become leading global downstream player
The Abu Dhabi National Oil Company (ADNOC) has unveiled plans to invest AED 165 billion (USD 45 billion) alongside partners, over the next five years, to become a leading global downstream player, enabling it to further stretch the value of every barrel it produces to the benefit of ADNOC, its partners and the UAE.
The unprecedented investment program will underpin a new downstream strategy to significantly expand ADNOC’s refining and petrochemical operations at Ruwais in the UAE, and undertake highly targeted overseas investments to secure greater market access.
Building on the existing strengths and competitive advantages of the Ruwais Industrial Complex, ADNOC will create the world’s largest and most advanced integrated refining and petrochemicals complex. Through a combined program of strategic partnerships and investment, ADNOC will increase its range and volume of high-value downstream products, secure better access to growth markets around the world and create a manufacturing ecosystem in Ruwais that will significantly stimulate in-country value creation, private sector growth and employment. The strategy is expected to add more than 15,000 jobs by 2025 and contribute an additional 1% to GDP per year.
“Given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning ADNOC to become a leading global downstream player. We will invest significantly in Ruwais and open up attractive partnership and co-investment opportunities along our extended value chain to create a powerful new downstream engine and springboard for growth that will benefit our country, our company and our partners,” said H.E. Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO.
“Importantly, 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”, he added.
ADNOC’s downstream investment plans are in line with its 2030 strategy of a more profitable upstream, more valuable downstream and sustainable, economic gas supply, underpinned by more proactive and adaptive marketing and trading. Building on its legacy of success, ADNOC has undertaken a significant group transformation program over the last two years. The business has improved operational efficiency, enhanced performance and realigned the management of its portfolio of assets and capital to create a new and expanded partnership and investment model.
ADNOC is now accelerating this transformation by unveiling its plans to become a leading global downstream player. The new strategy will be supported by ADNOC’s 45-year plus legacy of a unique and open approach to partnerships, built on the UAE’s bedrock values, reliability and attractiveness. ADNOC will again look to create long-term downstream partnerships, providing access to the most attractive parts of the energy value chain, to redefine ADNOC’s future growth.