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Abu Dhabi commits billions to expand its refining capacity

Abu Dhabi commits billions to expand its refining capacity

Business
May 14 (UPI) -- More than $ 45 billion in investments over the next five years could position the United Arab Emirates as a global refining powerhouse, its oil company said. "Given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning ADNOC to become a leading global downstream player," Ahmed al-Jaber, the CEO of the Abu Dhabi National Oil Co. and the Emirati minister of state, said in a statement. ADNOC said it would spend $ 45 billion over the next five years to expand its refining and petrochemicals operations at al-Ruwais, a city in western Abu Dhabi. ADNOC and its subsidiaries process 10.5 billion cubic feet of natural gas per day and has a refining capacity of 922,000 barrels per day. By 2025, the company said it would expand it...