The planned $44 billion facility in western India will be one of the largest refining and petrochemical complexes in the world at 1.2 million barrels per day.
India's oil minister on Saturday expressed concern about the rise in oil prices but said it was too early to predict the impact of United States sanctions on his country's imports of Iranian oil after Washington withdrew from the Iran nuclear deal.
In November, it announced plans to invest $109 billion in the energy sector over the next five years.
Abu Dhabi's nationwide oil firm stated Sunday it might spend $45 billion over the subsequent 5 years to affix different big, state-run petroleum giants, like Saudi Aramco, in refining a lot of their very own crude as a substitute of simply exporting it.
ADNOC stated it needs to spice up its refining capability to 1.5 million barrels of crude a day, about half the crude it pumps, by 2025.
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ADNOC is now accelerating this transformation by unveiling its plans to become a leading global downstream player. ADNOC will again look to create long term downstream partnerships, providing access to the most attractive parts of the energy value chain, to redefine ADNOC's future growth.
"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 added.
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. ADNOC said the blocks are estimated to hold billions of barrels of oil and trillions of cubic feet of natural gas. By 2022, it plans to double gasoline production to about 10 million tons a year and triple petrochemicals capacity to 11.4 million tons a year.
"The entire Ruwais complex will be upgraded to dramatically increase its flexibility and integrated capabilities to produce greater volumes of higher-value petrochemicals and derivative products", the company said.
The company is also looking at different options for its ADNOC Refining subsidiary, including bringing on strategic partners but an initial public offering (IPO) for the unit is not on the "radar screen at this point in time", al-Jaber said. The Ruwais Derivatives Park will be built on a six square kilometer area adjacent to, and fully integrated with, the larger Ruwais complex. The development of a new LAB facility will enable the emergence of a surfactants cluster in our new Ruwais Derivatives and Conversion Parks, diversifying the number and type of industries being developed there, leading to the creation of an expanded and advanced petrochemicals ecosystem in the UAE..