ADNOC Announces Strategic Move Downstream
The Abu Dhabi National Oil Company (ADNOC) announced, today, its purpose to move even more downstream, as the company rotates to maximize the rising demand for higher value fine-tuned and petrochemical products, specifically in the development economic climates of China and Asia.
Talking at CERAWeek, a leading gathering of the energy industry, H.E. Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, set out ADNOC's tactical aspirations to end up being a significant global downstream player, with the operational flexibility to react quickly to changing and emerging market demands. At the facility of its new downstream technique, ADNOC intends to create the world's largest integrated refining and chemical site on the planet, in Ruwais, UAE, where it will triple petrochemicals' production to 14.4 million tonnes, yearly, by 2025.
H.E. Dr. Al Jaber announced plans to host a Downstream Financial investment Forum, in Abu Dhabi, on May 13 and 14, where ADNOC will certainly unveil significant co-investment chances to enhance and expand its downstream profile.
" We will unveil significant co-investment chances for all partners, ready to work together with us at a special occasion this coming May, as we change our Downstream portfolio locally and globally." H.E. Dr. Al Jaber said.
" I would like to extend an invitation, to those who are eager to join us on this journey, to go to the ADNOC Downstream Financial Investment Forum, where we will introduce our roadmap, trademark jobs and in-depth investment plans. As we begin this following stage of our growth, we welcome existing and possible companions to join us in creating smarter growth for our long-term mutual advantage."
H.E. Dr. Al Jaber explained ADNOC's downstream strategy will build on the progress ADNOC had made in 2017, as it accelerated its transformation and honed its focus on its calculated columns of individuals, efficiency, productivity and effectiveness to both unlock and create maximum worth from its sources and properties.
In addition to aligning its group of business under a single, unifying brand, he said ADNOC opened chances throughout its upstream and downstream businesses to new categories of partners and financiers, including public and personal banks. ADNOC likewise took steps to boost and optimize its capital framework by leveraging, for the very first time, the global capital markets, including issuing a United States $3 billion bond against among its big crude oil pipelines - the biggest non-sovereign bond sale between East-- and successfully providing ADNOC Circulation on the Abu Dhabi Stock Market (ADX), in what was the biggest IPO in Abu Dhabi in a decade.
" The steps we have taken up until now have laid a strong foundation for powering the following phase of our growth," said H.E. Dr. Al Jaber. "And the most significant possibility for that development is downstream, especially in petrochemicals, where need is anticipated to climb 150 percent by 2040, driven by the development economies of Asia."
While establishing downstream has come to be a key calculated priority for delivering on the goals of ADNOC's 2030 smart growth approach, H.E. Dr Al Jaber said the company is also improving its strong legacy as a leading, global upstream player.
He pointed out the reconfiguration of the former ADMA offshore concession right into multiple concession locations as an instance of just how a broadened strategy to collaborations has allowed ADNOC to draw in additional upstream partners that bring critical worth include in the table - in terms of market access, resources, modern technology and proficiency.
In support of ADNOC's upstream expansion strategy, H.E. Dr. Al Jaber noted that a collection of new blocks are to be offered for readily competitive bidding process, in an extraordinary possibility, for both existing and new partners with best-in-class exploration technology, to open untapped sources in one of the world's largest hydrocarbon super-basins.
Organized by IHS Markit, CERAWeek happens every year in Houston, Texas. It unites 3,000 global industry leaders and policymakers, from greater than 60 nations, throughout the whole power worth chain, to trade knowledge and understandings on power markets, industry patterns, technology and strategy.
Visit ADNOCs Downstream Investment Forum site for more information.
