Dr Sultan Ahmed Al Jaber, the UAE minister of state and group CEO of Abu Dhabi National Oil Company (ADNOC), held a series of meetings with Chinese oil, gas, refining and petrochemical industry leaders, aiming to expand and deepen investment and partnership opportunities across ADNOC’s upstream and downstream value chain
Al Jaber’s recent visit to Beijing was in line with ADNOC’s effort to expand and deepen business and economic relations with one of the UAE’s largest trading partners.
Al Jaber said, “Energy cooperation is an important aspect of the UAE’s relations with China, which is the number one oil importer globally and a major growth market for ADNOC’s crude, refined products and petrochemicals.”
“ADNOC is also ready to work with its existing and potential new partners to meet the growing demand for energy and petrochemical products in China,” he further added.
During the visit, he met with senior executives from the Wanhua Chemical Group, one of the world’s largest producers of Methylene Diphenyl Diisocyanate (MDI), China National Petroleum Company (CNPC) and China National Offshore Oil Corporation (CNOOC). Dr Al Jaber also met with representatives from the China Development Bank and the vice-chairman of the National Development and Reform Commission (NDRC).
The meeting discussed ADNOC’s plans to develop new upstream oil and gas resources and to expand ADNOC’s downstream operations, which is set to triple petrochemical production up to 14.4mn tonnes per annum by 2025.
As announced earlier 2018, ADNOC is making significant investments in new downstream projects, both domestically and internationally, to grow its refining capability and expand its petrochemical production three-fold to 14.4 mpta by 2025.
Planned projects include a world-scale, mixed liquid feedstock Naphtha cracker, as well as investments in new refinery capacity. As a result of the planned expansions in its downstream business, ADNOC is all set to create one of the world’s largest integrated refining and petrochemical complexes at Ruwais in Abu Dhabi’s Al Dhafra region.
