Abu Dhabi: Abu Dhabi National Oil Company (Adnoc) is planning to increase its crude refining capacity in non-OECD countries by at least 60 per cent and triple its petrochemical production as part of its future growth strategy, its chief executive officer said in Abu Dhabi.
“This proposed expansion will create a single largest integrated refining and chemical site in the world in Ruwais in the UAE,” said Dr Sultan Ahmad Al Jaber speaking at the Atlantic Council Global Energy Forum that got underway in Abu Dhabi on Friday.
“Once complete we will convert almost 20 per cent of our crude into chemicals, diversifying our range of higher value products and providing a natural hedge to oil price movements.”
He also said hydrocarbons will continue to play a vital role to meet global energy demand despite increase in the diversity of energy mix.
Gulf energy ministers as well as top executives from different companies are taking part in the two day forum that will focus on geopolitics of the energy transformation and developments in oil and gas and renewable energy industry.