The Abu Dhabi National Oil Company (ADNOC) has announced it will invest AED 165 billion ($45 billion) over the next five years, to create the world’s largest and most advanced refining and petrochemicals complex. The organisation is looking to become a leading player in the global downstream industry, according to a company statement.
This strategic investment will help the company increase its depth and volume of downstream products, to secure growth in a range of markets and create over 15,000 jobs over the next couple of years.
“Given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning ADNOC to become a leading global downstream player,” said ADNOC Group CEO and UAE Minister of State Dr. Sultan Ahmed Al Jaber.
“We will invest significantly in Ruwais and open up attractive partnership and co-investment opportunities along our extended value chain to create a powerful new downstream engine and springboard for growth that will benefit our country, our company and our partners,” he said.
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