UAE economy set for Dh165 billion petrochemicals boost



The Abu Dhabi National Oil Company (Adnoc) will invest Dh165 billion ($45bn) in partnership with global energy companies over the next five years to develop the world’s largest integrated refining and petrochemicals facility in Ruwais, in Al Dhafra.

The centrepiece of Adnoc's plan is a new 600,000 barrels-per-day capacity refinery.

By 2025, the expansion of Ruwais will have added 1 per cent to the UAE’s economic output annually and created 15,000 jobs, according to Adnoc.

The company, which produces and sells oil on behalf of the emirate in international markets, is repositioning itself as a player in the downstream segment of the energy value chain, which specialises in refined products such as jet fuel and diesel, as well as the chemicals that are used to make a variety of household and industrial goods.

Adnoc has a target to treble the capacity of its petrochemicals facilities from 4.5 million tonnes per annum to 14.4 mtpa by 2025.

“The expansion plans for Ruwais will also support Abu Dhabi and the UAE’s economic development and diversification, create high-skilled jobs and enhance the country’s status as a globally attractive destination for energy investments,” said Dr Sultan Al Jaber, UAE Minister of State, and group chief executive at Adnoc.

Dr Al Jaber made the announcement at Adnoc's downstream investment forum in Abu Dhabi on Sunday in the presence of chief executives from BP, Total, Eni, Occidental and HSBC and other leading finance and energy companies. Dr Al Jaber said the company was looking for partners to develop its plans in Ruwais.

Adnoc will also provide incentives for small and medium-sized businesses to establish themselves in a planned derivatives and conversion park in Ruwais, that would grow on the back of the expansion of refining and chemicals facilities.

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US tops drug cost charts

The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.

Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.

In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.

Some of the costliest drugs worldwide include Lipitor for high cholesterol. 

The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.

High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.


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