On May 13, Abu Dhabi National Oil Company (ADNOC) organized a downstream investment forum in Abu Dhabi. ADNOC announced the latest development strategy and action plan for the downstream.
ADNOC's downstream development strategy shows that the company will invest US$45 billion in partnerships with partners in the next five years to expand the refining and petrochemical industries, including building the world’s largest oil refining and chemical park in Ruwais, an industrial town in western Abu Dhabi, to help ADNOC become a global downstream market. Is an important participant and establishes a leading position. This investment is expected to create 15,000 jobs and increase the UAE's annual GDP growth by 1 percentage point.
"Financial Times" reported that ADNOC aims to use the UAE's competitive advantage in energy and geographic location close to the demanding Asian market to maximize the value of the overall interests of the oil industry while ensuring the status of the upstream business while creating a strong New downstream engine and growth springboard. The company stressed that it will expand the downstream scale by increasing the value of each barrel of petroleum products.