Saturday , April 20 2019

Adnoc all set to announce its downstream strategy in May

Abu Dhabi / WAM

The Abu Dhabi National Oil Company (ADNOC), on Tuesday announced its plans to unveil its detailed downstream strategy, expansion plans of the Ruwais Industrial Complex and introduce new partnership and investment opportunities at the ADNOC Downstream Investment Forum, in Abu Dhabi, from May 13-14.
ADNOC’s downstream strategy will act as a key catalyst to Abu Dhabi’s economic and diversification plans, attracting foreign direct investment and supporting significant in-country value. The company also confirmed the attendance of over 30 global CEOs and over 600 senior business leaders from various sectors.
The ADNOC Downstream Investment Forum will mark the launch of ADNOC’s new downstream strategy, which aims to take advantage of evolving energy market dynamics and the rising global demand for refined and petrochemical products. ADNOC’s new downstream strategy will enable it to become a leading, global downstream player, positioning both Abu Dhabi and the UAE as a major producer and supplier in the global refining and petrochemicals value chain.
ADNOC’s expansion and new investment in the downstream will accelerate the delivery of its 2030 strategy and create a more flexible, resilient and diverse energy business, optimising and stretching the dollar from every barrel of oil it produces, and ensuring ADNOC is fit to compete, and lead, in the new energy era.
The new strategy, which will be anchored around an unprecedented new investment and development program at the integrated Ruwais refining and petrochemicals complex, in Abu Dhabi, will build on the location’s unique strengths and advantages: increasing its range and output of high-value products, attracting new partners and technologies, driving further diversification, and acting as a major catalyst for economic development and growth in Abu Dhabi and the UAE.
This new investment programme will also significantly boost ADNOC’s contribution to the UAE’s In-Country Value creation initiative, including ADNOC’s strong and ongoing support of the UAE’s private sector. This new initiative, fully in line with ADNOC’s previously expanded partnership and investment model, is expected to attract significant foreign direct investment and international investor interest due to the uniqueness, quality and scale of the new investment and partnership opportunities. Mutually beneficial partnerships lie at the centre of this downstream strategy, building on over 45 years of ADNOC’s expertise in international energy partnerships and the consistent stability, values and investment attractiveness of the UAE.
Commenting on the Downstream Investment Forum, Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, said, “We operate in an energy landscape that is evolving rapidly, and we must adapt and transform ADNOC to become a more globally integrated energy company, built for agility, high performance and resilience – a modern energy company for a new energy era.”
“We continue to work on maximising operational efficiencies and strengthening our overall performance while maximising value from the company’s financial resources and assets through our enhanced partnership and investment model. As a next step, we are focused on significantly expanding our downstream business – a historic, new milestone in ADNOC’s journey – to further unlock and drive more value across our portfolio.”

“We have always been a long-term, reliable supplier of crude and refined products, and we will remain so, but in the future ADNOC will also look to substantially grow its downstream position to become a global player, and reliable partner, in the production, supply and trading of refined and petrochemical products,” Dr. Al Jaber added.
The event will gather over 30 global CEOs and more than 600 senior business leaders from diverse industry sectors, including energy, petrochemicals, industry, banking, investment management, aerospace and professional services, to discuss the key issues impacting the energy and petrochemicals industry, as well as topics such as market trends, the global supply chain, financing and investment.

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