Abu Dhabi-based oil giant Abu Dhabi National Oil Company (Adnoc) has said that its project to upgrade the Ruwais refinery is on track and will be completed by 2022.
The project to upgrade the Ruwais refinery is expected to cost Adnoc around $3.5 billion. It will help Adnoc process up to 420,000 barrels per stream day.
Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc Group chief executive officer told the media, “We continue to focus on stretching the margin of every barrel of oil we produce to maximize the value of our resources, while also making responsible investments in the current market environment. This investment is another step in our progress to develop Ruwais into a dynamic, global hub for downstream activity, further strengthening Adnoc’s role as a key driver of the UAE’s long-term industrial growth and economic diversification.”
Last month, Adnoc and state-owned holding company ADQ entered into a joint venture to invest in chemical projects in the planned Ruwais Derivatives Park.
While Adnoc will hold a 60 percent stake in the joint venture, ADQ will own the remaining 40 percent.
The JV will evaluate and invest in anchor chemical projects in the Ruwais park in Abu Dhabi.
Reportedly, both parties will conduct a comprehensive feasibility study of projects for Ruwais.
The results of the comprehensive feasibility study are due before the end of 2020 and will include opportunities for prospective investors.