Dharmendra Pradhan: UAE First To Invest In India's First Crude Oil Cargo

Dharmendra Pradhan: UAE First To Invest In India's First Crude Oil Cargo

Pradhan, who attended Downstream Investment Forum in UAE, organised by Abu Dhabi National Oil Company (ADNOC), told, "India is a new and emerging market".

Building on the existing strengths and competitive advantages of the Ruwais Industrial Complex, ADNOC will create the world's largest and most advanced integrated refining and petrochemicals complex. This has led oil prices to drop, creating significant instability in the market. "We are moving toward a more strategic relationship". It also renewed and extended concessions at onshore oilfields for major companies including Exxonmobil and Total. Saudi Arabia is now among the many prime suppliers of diesel gas to Europe. 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 new strategy will be supported by ADNOC's 45-year plus legacy of a unique and open approach to partnerships, built on the UAE's bedrock values, reliability and attractiveness. "In the near future, the growth rate will be more stablised, we are expecting more energy requirement", he said. Dr Al Jaber said the company was looking for partners to develop its plans in Ruwais.

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. 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”.

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.

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

In a statement, ADNOC noted that the investment programme will also include a plan to construct one of the world's largest mixed feed crackers, trebling production to 14.4 mtpa by 2025, up from 4.5 tpa in 2016.

"Our increased presence in India, will also catalyse demand for our own refined and petrochemical products", said Sultan Ahmed Al Jaber, UAE minister of state and ADNOC group chief executive officer in a ADNOC statement. The Ruwais Derivatives Park will be fully integrated with the larger Ruwais complex, acting as a prime catalyst for the next stage of petrochemical transformation, by inviting partners to invest and produce new products and solutions from the feedstocks that are available in Ruwais.

Both the Ruwais Derivatives Park and Ruwais Conversion Park are expected to act as a focal point for the global petrochemicals industry and will cement Ruwais's role as a key node in the global refining and petrochemical supply chain.

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