Adnoc is establishing a “non-speculative” trading unit to handle sales of products from its expanding downstream operations as well as crude oil. Adnoc CEO Sultan Ahmed al-Jaber says it “will allow us to maximize value from our domestic and, over time, international downstream operations.”
Adnoc plans to hike refining capacity by 60% to 1.44mn b/d by 2025, while in petrochemicals the aim is to more than triple capacity to 14.4mn tons/year by 2025 (MEES, 1 December 2017). “We aim to capture more value further along the value chain,” says Mr Jaber. “Our goal is to become a major global downstream player.” Adnoc marketing director Abdulla al-Dhaheri says that petrochemicals demand is “expected to grow 150% by 2040”. (CONTINUED - 112 WORDS)
