UAE Makes History in Indian Oil

The Abu Dhabi National Oil Company (ADNOC) unveiled plans to invest AED 165 billion (US $45 billion) alongside partners, over the next five years, on downstream oil market.

A sharp drop in crude prices since mid-2014 has forced the oil industry to cut costs and look for ways to boost efficiency.

It will also develop the Ruwais Industrial Complex into one of the world's largest and most advanced integrated refining and petrochemicals complex with additional facilities like Ruwais Derivation Park and Ruwais Conversion park with added capacity.

Abdulaziz Al Hajri, downstream director at ADNOC, said "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".

"The strategic reserve will provide a boost to India's energy security and help us deal with supply side disruptions". They had detailed discussions on the Indian downstream sector and explored the various opportunities for participation of UAE companies in the mega petroleum sector infrastructure projects in India. It also renewed and extended concessions at onshore oilfields for major companies including Exxonmobil and Total. "In the near future, the growth rate will be more stablised, we are expecting more energy requirement", he said. Adnoc intends to store 5.86 million barrels of crude at the Karnataka facility, it said in a statement. The Ruwais petrochemicals cluster strengthens our position as leaders in LAB and DETALTM technology, developed jointly with UOP, and adds to our plants in Spain, Canada, and Brazil, as well as giving us access to high growth markets to the east of the Suez Canal”. The facility is expected to have a production capacity of 150,000 tons per year of LAB upon completion.

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As part of the plan, the refining capacity of the Ruwais facility, which now stands at 922,000 barrels per day (bpd), will be increased by more than 65,000 percent, or 600,000 bpd, by 2025 through an additional new refinery, creating a total capacity of 1.5 million barrels per day.

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.

Alkybenzene are derivatives of benzene, a component used to produce gasoline.

The new Ruwais Conversion Park will spur new business creation further down the value chain, manufacturing higher-value end products, including packaging materials, coatings, high voltage insulation and automotive composites. The Conversion Park, occupying another 3.6 square kilometers, will also act as a catalyst for the creation of focused industry clusters, that cannot only supply products and solutions using the derivatives and other facilities available, but will also leverage the proximity of such an interconnected ecosystem to drive expertise, innovation and entrepreneurship.

(Copyright © 2015. All Rights Reserved.)
 
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