20/06/2020 10:59 AST

Abu Dhabi National Oil Company (Adnoc) has announced that steady progress is being made on the development and expansion of refining, petrochemical and derivatives sites within its Ruwais Industrial Complex.

On completion, it will significantly enhance Adnoc’s ability to stretch the value of every barrel of oil produced and achieve greater returns for the UAE from its existing domestic oil resources, said the statement from the Abu Dhabi group.

The crude flexibility project (CFP) is aimed at accelerating delivery of Adnoc’s downstream strategy. The CFP will enable Ruwais to process sour crude types and in turn, free higher-priced Murban crude for export sales to global oil markets, it added.

"This is a very important sector that will contribute to the overall industrial development in the UAE and drive the growth of Adnoc’s ICV program, attract foreign direct investment, diversify our national economy and accelerate commercial development in the UAE," remarked HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

He was speaking during a visit to Adnoc’s refining and petrochemicals facilities in Ruwais, where he was briefed on progress in delivering Adnoc’s downstream strategy as well as the company’s plans to create value and to drive profitability in the sector.

Sheikh Mohamed bin Zayed reinforced the UAE’s commitment, under the wise leadership of the UAE President HH Sheikh Khalifa bin Zayed Al Nahyan, in further developing downstream capabilities and supporting long-term economic growth in Ruwais.

During the tour, he commended Emirati talent in attendance for their commitment to business continuity during these unprecedented times as well as their exceptional efforts in supporting critical operations that contribute to the economic growth and prosperity of our nation.

"We were delighted to see young Emirati talent at Adnoc’s facilities in Ruwais and we appreciate their exceptional efforts during this challenging period to ensure the continuity of the UAE’s oil and gas production, as well as their work to develop and expand the Ruwais Industrial Complex, further solidifying the UAE’s position in the refining, petrochemical and derivatives industry" remarked Sheikh Mohamed bin Zayed.

He also commended the effective cooperation between government agencies and Adnoc in responding to the Covid-19 pandemic, citing business continuity throughout the value chain as well as Adnoc’s critical role in harnessing the UAE’s natural resources to drive long-term prosperity. The Crown Prince began his visit at Adnoc Refining, where he was briefed on the development and expansion of the Ruwais Industrial Complex, as the company plans to create more value in refining and petrochemicals and attract foreign direct investment to the UAE.

He was also given an update on the progress of projects aimed at unlocking critical feedstock production capacity for anchor projects and supporting the investor value proposition for the planned Derivatives Park in Ruwais.

Dr Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, said: "We are confident that we will navigate this period and come through stronger and more flexible, thanks to the support of the wise leadership, the cooperation with the relevant government agencies and the commitment and dedication of our people at Adnoc."

Adnoc, he stated, was going ahead with the implementation of its ambitious plans to invest responsibly, enhance operational efficiency and further stretch the dollar from every barrel of oil it produces to increase profitability and create value for the UAE.

"He is working on the development of the Ruwais Derivatives and Conversion Parks to form an integrated industrial ecosystem that will enhance in-county value, attract foreign direct investment, improve the transfer of knowledge and technology and create specialized employment opportunities for UAE nationals," he added.


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