DUBAI - Abu Dhabi National Oil Company (ADNOC) said on Wednesday it has signed a memorandum of understanding (MoU) with Ravago Group, to explore opportunities for cooperation at the Ruwais Industrial Complex in the United Arab Emirates.
Under the proposed agreement Ravago would build and operate a polyolefins compounding facility in the Ruwais Industrial Complex, ADNOC said in a statement.
ADNOC plans to invest $45 billion over the next five years to expand its refining and petrochemicals operations, as it strives to become a global player in the downstream sector.
(Reporting by Rania El Gamal, editing by Louise Heavens)
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