Published: Mon, May 14, 2018
Worldwide | By Jermaine Blake

UAE launches $45 billion investment to boost refineries

UAE launches $45 billion investment to boost refineries

On Sunday, the UAE's oil minister also said that any oil shortages due to Iran sanctions could be filled by the country.

Abu Dhabi National Oil Company (ADNOC), the biggest oil company in the United Arab Emirates (UAE), will invest 165 billion dirham (44.95 billion USA dollars) into a downstream complex in Ruwais in Abu Dhabi, the company said in a statement on Sunday.

This comes in the backdrop of a spike in oil prices with President Donald Trump pulling U.S. out of a 2015 historic accord with energy rich Iran that was inked to curb the Islamic Republic's nuclear programme in return for ending sanctions.

While addressing a gathering at the Indian Embassy in Abu Dhabi, United Arab Emirates (UAE), on Saturday, Pradhan said, "The government has not been formed for the first time in Delhi, neither is it the first time that someone has become a Prime Minister in India". Also, there has been a rally in worldwide crude oil prices due to a combination of factors such as Opec and Russian Federation cutting supplies, falling production in Venezuela and geopolitical tensions. "In the near future the growth rate will be more stablised, we are expecting more energy requirement", he said.

India has allowed ADNOC to sell a part of its Murban crude from the storage to Indian refiners.

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"The strategic reserve project represents an important new energy partnership with India that leverages the UAE and ADNOC's expertise and oil resources", Jaber said in a statement. Striving to become a global player in the downstream sector, the state oil giant wants to double its refining capacity and triple petrochemicals output potential by 2025 as it looks to capture new growth markets, ADNOC's Chief Executive Sultan al-Jaber told Reuters on Saturday.

Abu Dhabi National Oil Co on Sunday announced a $45-billion ($38-billion-euro) investment to modify an existing facility into one of the world's largest integrated refining and petrochemicals plants.

India-UAE ties moved into a new trajectory with the August 2015 visit to Abu Dhabi by Prime Minister Narendra Modi. This is ADNOC's first major investment in the Indian energy sector. India's effort to secure supply for its refining industry led state-run Oil and Natural Gas Corp. and two other Indian companies in February to acquire a 10 percent stake in one of Abu Dhabi's biggest offshore oil concessions. Under the Agreement ADNOC would be storing about 5.86 million barrels of crude oil in the cavern at Mangalore at its own cost.

"Everything we are doing here is centred around ensuring that we are operating in the most efficient manner", al-Jaber told Reuters, adding that it intends to extract maximum value from every barrel produced. "While part of the stored oil will be used for commercial purposes by ADNOC, the major part will be purely for strategic purposes", Pradhan added in the ADNOC statement.

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