Abu Dhabi: Abu Dhabi would be creating the single largest integrated refinery and petrochemicals destination in the world with an investment of $45 billion at Al Ruwais, Dr Sultan Ahmad Al Jaber, Chief Executive Officer of Adnoc said at Downstream Investment Forum on Sunday.
“Our upstream business will be a core part of our DNA but the sharpest growth will be in downstream and petrochemical demand will double in the next twenty years. We will build and expand to double our crude refining capacity and triple petrochemical production alongside our partners,” said Al Jaber.
He said they will collaborate with partners and expand refining capacity to 1.5 million barrels per day and build aromatics unit with a capacity of 1.6 million tonnes annually.
Adnoc's downstream strategy will create more than 15,000 jobs by 2025 and add 1 per cent to UAE's GDP annually, he added.
Downstream Investment Forum kick started on Sunday in the presence of energy ministers from UAE, India, Egypt and executives representing some of the top oil and gas companies from across the world.