ADNOC announces $5 billion investment plan
The plans were unveiled at the ADNOC Downstream Investment Forum, which took place today in Abu Dhabi, UAE.
The unprecedented investment program will underpin a new downstream strategy to significantly expand ADNOC’s refining and petrochemical operations at Ruwais in the UAE, and undertake highly targeted overseas investments to secure greater market access.
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.
Through a combined program of strategic partnerships and investment, ADNOC will increase its range and volume of high-value downstream products, secure better access to growth markets around the world and create a manufacturing ecosystem in Ruwais that will significantly stimulate In-Country Value creation, private sector growth and employment.
The strategy is expected to add more than 15,000 jobs by 2025 and contribute an additional 1% to GDP per year. ■