ADNOC, Abu Dhabi’s integrated oil and gas company, has announced plans to diversify and increase production of its petrochemical portfolio over the next five years - as part of its 2030 Strategy
The announcement, made at Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), said that the new projects will focus on gasoline and aromatics production and additional polyolefin capacity, as the company targets growing domestic and international demand for refined and petrochemical products - particularly in Asia, where the petrochemical market is set to double by 2030.
The company also said that its strategy aims to ‘stretch the margin of each barrel of oil processed’, as it seeks to deliver a more valuable and profitable downstream business.
ADNOC’s refining and petrochemicals director Abdulaziz Abdulla Alhajri said, “We are the proud owners of world scale modern assets, located centrally to serve growing markets. We are creating synergies by integrating our refining and petrochemicals businesses across the value chain. This will meet the needs of the evolving and expanding market for refined and petrochemical products, drive efficiencies and increase profitability.”
“ADNOC’s ultimate goal is unlocking the full potential of our assets. So, we are pursuing profitable and integrated growth in refining and petrochemicals. We are also diversifying our product portfolio to make us more resilient to economic cycles and crude oil price fluctuations.”