Abu Dhabi National Oil Company, the UAE’s biggest producer of crude oil, affirmed its commitment to the downstream hydrocarbon industry as it boosts production to meet growing global demand for high-value refined and petrochemical products.
"The steps we have taken so far have laid a solid foundation for powering the next phase of our growth," said Dr Sultan Al Jaber, Minister of State and Adnoc Group chief executive. He was speaking at the CERAWeek conference in Houston on Tuesday.
“And the biggest opportunity for that growth is downstream, particularly in petrochemicals, where demand is expected to climb 150 per cent by 2040, driven by the growth economies of Asia.”
The UAE is the fourth largest producer in the Opec and accounts for 6 per cent of global reserves. Abu Dhabi has said it wants to double its domestic output of petchems by two-and-a-half times to 11.5 million tonnes a year by 2025 as part of the emirate's plan to diversify its sources of income under its 2030 growth strategy. At the same time, the capital is planning to increase its portfolio of petchems assets globally.
Dr Al Jaber also announced plans to host a Downstream Investment Forum in Abu Dhabi in May, during which Adnoc will showcase investment opportunities.
“We will unveil significant co-investment opportunities for all partners, ready to work alongside us at a special event this coming May as we transform our downstream portfolio domestically and internationally.”
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At the centre of Adnoc's downstream strategy is its construction of what is intended to be the world's largest integrated refining and chemical site in the world in Ruwais, which will produce 14.4 million tonnes of petchems products annually by 2025.
In January, Adnoc signed a three-year deal with Lotte Chemical Titan to supply to the Malaysian petchems company up to 1 million tonnes of naphtha a year. As well as shifting to downstream. Adnoc is also striking long-term deals, especially in Asia where demand for such products is on the rise.
Last year, the producer said it was ramping up production of high-grade polymer products to meet demand from China’s car industry as well as the country’s investment in gas and electricity infrastructure.
Demand in China and Asia for petchems and plastics, including lightweight automotive components, essential utility piping and cable insulation, is forecast to double by 2040, according to Adnoc.
The past year has seen Adnoc align its group of companies under a single, unified brand, and open up opportunities across its upstream and downstream businesses to new categories of partners and investors, including public and private financial institutions, Dr Al Jaber told delegates in Houston.
The company tapped global capital markets last year for the first time, issuing a $3 billion bond against one of its large crude oil pipelines, as well as floating shares in its retail and distribution subsidiary Adnoc Distribution on Abu Dhabi’s stock market.
Dr Al Jaber said as well as bolstering its downstream businesses, Adnoc was also enhancing its upstream business and that the company will make new blocks available for commercially competitive bidding to both existing partners and new ones.
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Expert input
If you had all the money in the world, what’s the one sneaker you would buy or create?
“There are a few shoes that have ‘grail’ status for me. But the one I have always wanted is the Nike x Patta x Parra Air Max 1 - Cherrywood. To get a pair in my size brand new is would cost me between Dh8,000 and Dh 10,000.” Jack Brett
“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche
“There’s nothing out there yet that I’d pay an insane amount for, but I’d love to create my own shoe with Tinker Hatfield and Jordan.” Joshua Cox
“I think I’d buy a defunct footwear brand; I’d like the challenge of reinterpreting a brand’s history and changing options.” Kris Balerite
“I’d stir up a creative collaboration with designers Martin Margiela of the mixed patchwork sneakers, and Yohji Yamamoto.” Hussain Moloobhoy
“If I had all the money in the world, I’d live somewhere where I’d never have to wear shoes again.” Raj Malhotra
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
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If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
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Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries