Abu Dhabi National Oil Company (Adnoc) is looking to make an investment of around $45 billion in the downstream sector with partners in countries such as India, China, and Indonesia, according to media reports.
Besides seeking investment opportunities in Southeast Asia, Andoc is also looking to develop refining and petrochemical facilities in the UAE.
Abdulaziz Al Hajri, the executive director of ADNOC’s downstream directorate told the media, “Our main strategy is adding value to every barrel of oil that we process, and it is centered around two main themes: first one is integration across the value chain, leveraging the already existing infrastructure we have in Ruwais.”
“Second theme is we will do this through partnerships, like-minded partners who will not only bring in their capital, but also their technology, their know-how, their experience, and their access to markets that will help us accelerate the pace of our transformation.”
In India, Adnoc is collaborating with Saudi Aramco to develop a $44 billion oil refinery. Adnoc will work with Indian Oil, Bharat Petroleum and Hindustan Petroleum to develop the 1.2 million barrels per day refinery in the Indian state of Maharashtra.
Recently, Adnoc signed an agreement with Rongsheng Petrochemical of China to explore domestic and international opportunities as the oil giant wants to tap into the Southeast Asian market.
According to reports, Adnoc is planning a significant investment to further develop its Bab onshore field. Located 160 kilometres south of Abu Dhabi, the Bab onshore field is one of Adnoc’s largest onshore producing assets.
Reportedly, Adnoc is set to acquire dozens of land, offshore and island rigs in a fleet expansion programme to support ramping up its oil production capacity to 5 million barrels per day by 2030.