Adnoc to diversify, increase production of petrochemicals

Abu Dhabi: Abu Dhabi National Oil Company (Adnoc) will diversify and increase production of its petrochemical portfolio, while opening new markets to ensure sustained profitability as part of its 2030 strategy and five years business plan. It also intends to expand its refining capacity to meet growing demand for refined products.

“We will stretch the margin from every barrel we produce,” said Sultan Al Jaber, minister of state and Adnoc group CEO while delivering a keynote address at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec).

“And by taking full advantage of our geography, at the pivot point between East and West, we will capitalise on the world’s fastest growing markets, including Asia, where oil demand is expected to increase 15 per cent and the market for petrochemicals is set to double by 2030.”

Al Jaber’s comments came as Abu Dhabi’s Supreme Petroleum Council approved Adnoc’s new 2030 strategy and five-year business plan, which seek to deliver a more profitable upstream, more valuable downstream and a more sustainable and economical gas supply, in line with the directives of Abu Dhabi’s leadership.

The company is also planning to increase production from 3.1 million barrels per day to 3.5 million barrels per day by 2018.

“Today’s new energy landscape calls on us to once more to break from old conventions and welcome new paradigms. By embracing the new energy era, we will thrive and we will shape our future,” Al Jaber said.

By driving efficiency and leveraging synergies, oil and gas companies can succeed in the new energy era, he stressed, but sound, strategic, targeted investments are equally important to enable sustainable growth.

“Time and again, our industry has shown it can engineer around obstacles, create ground breaking solutions and catalyse human progress,”

He also said that Adnoc is producing cleaner fuels for its customers, and advancing innovative clean technologies, including the Middle East’s first carbon capture utilisation and storage project which was inaugurated on Saturday.

The facility will capture, use and sequester 800,000 tonnes of carbon dioxide every year from Emirates Steel factory.