UAE-based ADNOC shelves plan to build Ruwais refinery

Company's early feasibility and pre-feed studies have led to the conclusion that a new refinery is not economically attractive at this point

  
General view of the port at the Borouge petrochemical facility at ADNOC's Ruwais Industrial Complex in Ruwais, United Arab Emirates May 14, 2018. Image for illustrative purposes.

General view of the port at the Borouge petrochemical facility at ADNOC's Ruwais Industrial Complex in Ruwais, United Arab Emirates May 14, 2018. Image for illustrative purposes.

REUTERS/Christopher Pike

RIYADH: The Abu Dhabi National Oil Co. has dropped plans to build a 400,000 barrels per day refinery in Ruwais citing changing economic outlook for the project.

In a statement, the Emirati national oil company said: “We regularly assess market conditions and global supply and demand considerations. This ensures ADNOC’s economic resilience and the future-proofing of our business operations. As a result of our early feasibility and pre-feed (front-end engineering and design) studies, we have concluded that at this time a new refinery is not economically attractive.”

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