The Abu Dhabi National Oil Company (Adnoc) said on Tuesday its Dh165 billion-investment plan to become a global downstream leader is receiving considerable interest from potential partners.

The oil giant's downstream strategy, outlined recently, is aimed at enabling the company to further stretch the value of every barrel it produces while creating a range of opportunities for new and existing partners and investors.

Adnoc said in a statement that the plans would see its crude oil refining capacity doubled, and petrochemicals production tripled by 2025. In addition, the plans will see the creation of more than 15,000 highly skilled, specialised jobs in the petrochemicals and refining fields added by 2025, along with a contribution of an additional one per cent to GDP per year.

The company said the strategy would build on its transformation programme of the last two years, which focuses on maximising value by driving operational efficiency, enhancing performance, realigning the management of its portfolio of assets, and introducing a new and expanded partnership and investment model.

"A central pillar of our strategy will be the creation of a global refining and petrochemical growth engine at Ruwais. We are exploring a range of options in Ruwais, including bringing in partners who share our vision to develop new businesses that will accelerate the growth of the complex," Dr Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, has said

"The expansion and enhancement of our refining capabilities in Ruwais, along with the development of Derivatives and Conversion Parks, are key initiatives aimed at significantly expanding Adnoc's downstream operations. They will provide the UAE private sector, and international companies, the opportunity to partner with us to build and profit from the extended petrochemical value chain. The entire plan will support the development and diversification of the UAE's economy, create highly skilled, specialized jobs and contribute to GDP growth," he said.

The oil major said it is now accelerating this transformation by executing its downstream strategy that is aligned with its 2030 strategy of a more profitable upstream, more valuable downstream, more sustainable and economic gas supply, and more proactive, adaptive marketing and trading. "Adnoc will look to create long term downstream partnerships, providing access to opportunities across the value chain for both investors and partners."

John Flint, Group CEO of HSBC, said Adnoc's transformation is capturing the attention of investors around the world. "The UAE is a good place to invest now because it has economic ambition coupled with dynamic and clear leadership."

"When we invest, we look for long term advantaged feedstock supply, ability to access markets, ability to leverage our technologies and the ability to fund. In regards to ADNOC and Abu Dhabi, we found these things," said Mark Garrett, CEO of Borealis, the Austria headquartered partner of Adnoc in their joint venture Borouge.

With a refining capacity of 922,000 barrels per day of crude and condensate, Adnoc's operations in Ruwais already make it the fourth largest refining complex globally, representing 10 per cent of refining capacity in the Middle East. Adnoc aims to increase and enhance the processing capacity and capabilities of the Ruwais refinery and petrochemicals complex through a range of new initiatives and investments.

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