UAE's ADNOC, Spain's Cespa sign deal for new downstream facility in Ruwais

UAE's ADNOC, Spain's Cespa sign deal for new downstream facility in Ruwais

Abu Dhabi National Oil Company IN UAE is large crude producers, including Saudi Arabia and Kuwait in the Middle Eastern that are augmenting refining and petrochemical capacity to augment and diversify revenue.

Earlier in the day, Pradhan called UAE a reliable partner of India while appealing to all the stakeholders of Downstream Investment Forum to invest in India.

While addressing a gathering at the Indian Embassy in Abu Dhabi, UAE, on Saturday, the Union minister said during the Modi government's regime, their endeavour has been to provide affordable, sustainable and clean cooking fuel, energy and electricity to all and that has also made India an attractive investment spot, especially in the energy sector. The expansion would create a total capacity of 1.5 million barrels a day for Ruwais, he said.

The work will be done in partnership with global energy firms. As we expand downstream and grow our refining capacity and capabilities, we will be able to expand the number of new products and value chains we can create.

This will include by adding to its refining and petrochemical operations at its Ruwais complex with a third refinery to expand capacity by 600,000 bpd by 2025. "In the near future, the growth rate will be more stablised, we are expecting more energy requirement", he said. The development also assumes importance given that UAE supplies 8% of crude oil imports of India.

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Partners who bring operational expertise, technology, financial acumen and the ability to develop and open new markets will, in return, benefit from the strengths of the Ruwais Industrial Complex, including: competitive feedstock; strong integration; a site operated by a single owner to maximize synergies; an advantaged geographic location well-positioned for east-west trade; and a highly developed port and logistics infrastructure. ADNOC said the blocks are estimated to hold billions of barrels of oil and trillions of cubic feet of natural gas.

In March, India's Economic Times reported Aramco was seeking the acquisition of a majority stake in Ratnagiri and that it also insisted on the marketing rights over the entire fuels and petrochemicals output of the 60-million-tons-a-year refinery.

The plans also call for the creation of the Ruwais Derivatives Park to be built on a six square kilometer area adjacent to - and integrated with - the larger Ruwais complex. The Ruwais Conversion Park will enable new businesses even further down the value chain, taking feedstock from ADNOC Refining, Borouge and the Derivatives Park, to manufacture higher value, converted end products, including packaging materials, coatings, high voltage insulation and automotive composites.

ADNOC believes that the park - which will occupy another 3.6 square kilometers - will serve as the catalyst for the creation of focused industry clusters.

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