Abu Dhabi: Abu Dhabi National Oil Company (Adnoc) is planning to double the production of petrochemicals in the coming years, a top executive of the company said in Abu Dhabi on Wednesday.
“Today we produce 4.5 million tonnes of polyolefines and another 2 million tonnes of fertilisers. We are going to double our petrochemical production to over 11 million tonnes per annum by 2025,” said Abdulaziz Abdulla Alhajri, Adnoc’s refining and petrochemicals director.
Adnoc is making significant investments in new projects to further increase its refining capability and expand its petrochemicals business over the next five years as part of its recently announced ‘2030 Strategy’.
The new projects will focus on gasoline and aromatics production and additional polyolefin capacity, as the company targets growing domestic and international demand for refined and petrochemical products — particularly in Asia, where the petrochemical market is set to double by 2030.
Alhajri also said the company is creating synergies by integrating refining and petrochemicals businesses across the value chain.
“This will meet the needs of the evolving and expanding market for refined and petrochemical products, drive efficiencies and increase profitability.”
“Adnoc’s ultimate goal is unlocking the full potential of our assets. So, we are pursuing profitable and integrated growth in refining and petrochemicals. We are also diversifying our product portfolio to make us more resilient to economic cycles and crude oil price fluctuations.”
The company also announced on Wednesday that it has reached an agreement with Schlumberger in offshore drilling technology.