Adnoc merges downstream operations with trading

Adnoc merges downstream operations with trading

Abu Dhabi National Oil Company (Adnoc), the UAE's biggest energy producer -- has merged its downstream business with its trading and marketing operations to create the Downstream Industry, Marketing & Trading Directorate.

The new unit "will be a critical enabler of the company's goal to responsibly deliver the energy and energy products that the world needs, particularly in its core Asian market, where demand for refined and petrochemical products are set to grow over the next 10 years," said S&P Global Platts, citing an Adnoc statement said.

In 2018, Adnoc announced plans to invest $45 billion with partners to develop its local downstream activities, including the expansion of its Ruwais refinery and petrochemical capacity in the industrial hub.

"The Directorate will also drive Adnoc's activities to catalyze the UAE's industrial development and economic diversification, overseeing the development of Ta'Ziz and the Ruwais Derivatives Park. This will strengthen the UAE's position as a globally competitive chemicals hub and destination for foreign direct investment," the company said.

Ruwais hub

Adnoc and ADQ, which announced the partnership last July, will develop the projects in the Ruwais industrial hub in the emirate of Abu Dhabi. Adnoc will hold a 60% stake and the remainder will be held by ADQ.

Development