A major tranche of investment from the Abu Dhabi National Oil Company (ADNOC) could transform a refinery in Al Ruwais into a major global polymer supplier of petrochemicals and polymers.
Crude oil
The Emirates News Agency reported that ADNOC’s Murban crude will be refined into products that are in high demands thanks to an AED 165 billion (£33 billion) boost.
"While it might seem difficult to change the role of an ‘oil company’, ADNOC has found a way to do just that,|” Sultan Al Jaber, Minister of State and Chief Executive of ADNOC, was quoted as saying.
“This isn’t just a change in who the company sells to, either. This is a smart strategic move that takes advantage of market dynamics. Now, instead of just exporting oil into a highly competitive and often flooded market, ADNOC will refine its Murban crude into products that are in high demand. This means greater economic stability for the UAE’s oil sector.”
